/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Nov. 21,
2023 /CNW/ - First Mining Gold Corp. ("First
Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) is pleased to announce that due to demand, the
Company has upsized its $5 million
non-brokered private placement financing, previously announced on
October 26, 2023, to approximately
$10 million (the "Offering").
The Company has closed the first tranche of the Offering and
issued 63,993,000 units of the Company (the
"Units") at a price of $0.125
per Unit for aggregate gross proceeds of approximately $8 million (the "First Tranche"). First
Mining expects to close the remainder of the Offering on or about
December 7, 2023.
Each Unit consists of one common share of the Company (each, a
"Common Share") and one-half of one Common Share purchase
warrant (each whole Common Share purchase warrant, a
"Warrant"). Each Warrant will entitle the holder thereof to
acquire one Common Share at an exercise price of $0.20 per Common Share at any time prior to the
date which is 36 months following the closing date of the First
Tranche.
The Company intends to use the net proceeds from the Offering to
advance its Springpole and Duparquet gold projects, as well as for
general working capital and corporate purposes.
All of the securities issued under the First Tranche are subject
to a statutory hold period of four months and one day in accordance
with applicable Canadian securities laws. The Offering remains
subject to the receipt of all necessary regulatory approvals,
including the final approval of the Toronto Stock Exchange (the
"TSX").
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 Project
in Quebec, a PEA stage development
project 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 completion of the remainder of the Offering and the timing
thereof; (ii) the total gross proceeds to be raised under the
Offering; (iii) the intended use of the net proceeds of the
Offering; (iv) the receipt of all regulatory and stock exchange
approvals; (v) the Company's plans with respect to advancing
its portfolio of gold projects; and (vi) Feasibility and
permitting activities related to the Springpole 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. Many factors,
both known and unknown, could cause actual results, performance or
achievements to be materially different from the results,
performance or achievements that are or may be expressed or implied
by such forward-looking statements and the parties have made
assumptions and estimates based on or related to many of these
factors. Such factors include, without limitation: failure to
obtain final approval from the TSX; failure to close the remainder
of the Offering; 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.sedarplus.ca, and in the Company's Annual
Report on Form 40-F filed with the U.S. Securities and Exchange
Commission and 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.