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First Mining to raise $5 Million for Springpole and other projects

Oct 27, 2023

First Mining Gold Corp. is pleased to announce that it intends to complete an equity financing by way of a non-brokered private placement of up to 40,000,000 units of the Company (the “Units”) at a price of $0.125 per Unit for aggregate gross proceeds of up to $5 million (the “Offering”). Certain insiders of the Company, including Keith Neumeyer, the Chairman of the Board, and Dan Wilton, First Mining’s CEO, will be participating in the Offering.

Each Unit will consist of one common share of the Company (a “Unit Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one common share of the Company at a price of $0.20 per share at any time prior to the date which is 36 months following the closing date of the Offering.

The net proceeds from the Offering will be used to advance First Mining’s Springpole and Duparquet gold projects, as well as for general working capital and corporate purposes.

The closing of the Offering is expected to occur on or before November 21, 2023 (the “Closing Date”) and is subject to the completion of formal documentation and receipt of all applicable regulatory approvals, including the approval of the Toronto Stock Exchange (the “TSX”). The Unit Shares to be issued under the Offering will be subject to a statutory hold period of four months and one day from the Closing Date.

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