/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, June 26,
2023 /CNW/ - First Mining Gold Corp. ("First
Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) is pleased to announce that it has completed a
flow-through equity financing by way of a non-brokered private
placement for aggregate gross proceeds of $5
million (the "Offering"). The Offering consisted of
18,518,519 flow-through units of the Company (the "FT
Units") at a price of $0.27 per
FT Unit.
Each FT Unit is comprised of one common share and one half of
one common share purchase warrant, issued on a flow-through basis,
with each full common share purchase warrant (a "Warrant")
being exercisable to acquire one additional common share of the
Company at a price of $0.27 for a
period of 36 months following the closing date of the Offering. The
common shares underlying the Warrants will not be issued as
"flow-through shares".
The common shares that comprise the FT Units qualify as
"flow-through shares" (within the meaning of subsection 66(15) of
the Income Tax Act (Canada) and section 359.1 of the Taxation
Act (Québec)). The gross proceeds from the Offering will be
used by the Company to incur eligible "Canadian exploration
expenses" that qualify as "flow-through mining expenditures" (as
both terms are defined in the Income Tax Act (Canada)) (the "Qualifying
Expenditures") related to the Company's Duparquet Gold Project
and its other mineral projects in Québec. The Qualifying
Expenditures will be renounced in favour of the subscribers of the
Offering with an effective date no later than December 31, 2024 and in an aggregate amount of
not less than the total amount of the gross proceeds raised from
the Offering.
The FT Units issued under the Offering are subject to a
statutory hold period of four months and one day from the issuance
of the units, expiring on October 24,
2023.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Act of 1933, as amended (the "U.S. Securities Act") or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons (as such
term is defined in Regulation S under the U.S. Securities Act)
unless registered under the U.S. Securities Act and applicable
state securities laws or an exemption from such registration is
available.
About First Mining Gold
Corp.
First Mining is a gold developer advancing two of the largest
gold projects in Canada, the
Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility
Study and permitting activities are on-going with a draft
Environmental Impact Statement ("EIS") for the project published in
June 2022, and the Duparquet, Pitt
Gold, Duquesne and Porcupine
East Gold Project in Quebec, a
collection of advanced-stage development assets located on the
Destor-Porcupine Fault Zone in the prolific Abitibi region.
First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project
interests including the Pickle Crow Gold Project (being advanced in
partnership with Auteco Minerals Ltd.), the Hope Brook
Gold Project (being advanced in partnership with Big Ridge
Gold Corp.), and a large equity interest in Treasury Metals
Inc.
First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of
First Majestic Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
Cautionary Note Regarding Forward-Looking
Statements
This news release includes certain "forward-looking
information" and "forward-looking statements" (collectively
"forward-looking statements") within the meaning of applicable
Canadian and United States
securities legislation including the United States Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are made as of the date of this news release.
Forward-looking statements are frequently, but not always,
identified by words such as "expects", "anticipates", "believes",
"plans", "projects", "intends", "estimates", "envisages",
"potential", "possible", "strategy", "goals", "opportunities",
"objectives", or variations thereof or stating that certain
actions, events or results "may", "could", "would", "might" or
"will" be taken, occur or be achieved, or the negative of any of
these terms and similar expressions.
Forward-looking statements in this news release relate to
future events or future performance and reflect current estimates,
predictions, expectations or beliefs regarding future events and
include, but are not limited to, statements with respect to: (i)
the use of the gross proceeds from the sale of the FT Units issued
under the Offering to incur Qualifying Expenditures at the
Company's Duparquet Gold Project and its other mineral projects in
Quebec; (ii) the Qualifying
Expenditures being renounced in favour of the subscribers of
the Offering no later than December 31,
2024 for an aggregate amount that is
not less than the total amount of the gross proceeds raised from
the Offering; (iii) the Company's plans with respect to
advancing its portfolio of gold projects; and (iv) Feasibility and
permitting activities related to the Springpole Gold Project.
All forward-looking statements are based on First Mining's or
its consultants' current beliefs as well as various assumptions
made by them and information currently available to them. There
can be no assurance that such statements will prove to be accurate,
and actual results and future events could differ materially from
those anticipated in such statements. Forward-looking statements
reflect the beliefs, opinions and projections on the date the
statements are made and are based upon a number of assumptions and
estimates that, while considered reasonable by the respective
parties, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies.
Such factors include, without limitation the Company's business,
operations and financial condition potentially being materially
adversely affected by the outbreak of epidemics, pandemics or other
health crises, such as COVID-19, and by reactions by government and
private actors to such outbreaks; risks to employee health and
safety as a result of the outbreak of epidemics, pandemics or other
health crises, such as COVID-19, that may result in a slowdown or
temporary suspension of operations at some or all of the Company's
mineral properties as well as its head office; fluctuations in
the spot and forward price of gold, silver, base metals or certain
other commodities; fluctuations in the currency markets (such as
the Canadian dollar versus the U.S. dollar); changes in national
and local government, legislation, taxation, controls, regulations
and political or economic developments; risks and hazards
associated with the business of mineral exploration, development
and mining (including environmental hazards, industrial accidents,
unusual or unexpected formations, pressures, cave-ins and
flooding); the presence of laws and regulations that may impose
restrictions on mining; employee relations; relationships with and
claims by local communities, indigenous populations and other
stakeholders; availability and increasing costs associated with
mining inputs and labour; the speculative nature of mineral
exploration and development; title to properties.; and the
additional risks described in the Company's Annual Information Form
for the year ended December 31, 2022
filed with the Canadian securities regulatory authorities under the
Company's SEDAR profile at www.sedar.com, and in the Company's
Annual Report on Form 40-F filed with the SEC on EDGAR.
First Mining cautions that the foregoing list of factors that
may affect future results is not exhaustive. When relying on our
forward-looking statements to make decisions with respect to First
Mining, investors and others should carefully consider the
foregoing factors and other uncertainties and potential events.
First Mining does not undertake to update any forward-looking
statement, whether written or oral, that may be made from time to
time by the Company or on our behalf, except as required by
law.
SOURCE First Mining Gold Corp.