/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Sept. 19,
2024 /CNW/ - First Mining Gold Corp. ("First
Mining" or the "Company") (TSX: FF) (OTCQX: FFMGF)
(FRANKFURT: FMG) is pleased to announce that it has entered
into an agreement with a syndicate of underwriters co-led by
Cormark Securities Inc. and Haywood Securities Inc. (collectively,
the "Underwriters") under which the Underwriters have agreed
to buy on a bought deal basis, 51,852,000 units of the Company
("Units") at a price of $0.135 per Unit for aggregate gross proceeds
of approximately $7 million (the
"Bought Deal Offering"). The Underwriters have been
granted an option (an "Over-Allotment Option") to purchase
up to an additional 15% of the number of Units issuable under the
Bought Deal Offering, exercisable in whole or in part, up to 30
days following the closing of the Bought Deal Offering.
In addition, the Company intends to complete a non-brokered
private placement of Units (the "Non-Brokered Offering" and
together with the Bought Deal Offering, the "Offering") for
gross proceeds of up to $5
million.
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 applicable closing date.
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, as to be disclosed in the Supplement (as defined
below).
The Units issuable under the Bought Deal Offering will be
offered pursuant to a prospectus supplement (the
"Supplement") to the Company's base shelf prospectus dated
January 23, 2024. The terms of the
Bought Deal Offering will be described in the Supplement which will
be filed with the securities regulators in each of the provinces
and territories of Canada,
excluding Quebec, and the Units
may also be offered by way of private placement in the United States and in offshore
jurisdictions in accordance with applicable securities laws.
The Bought Deal Offering is expected to close on or before
September 26, 2024 and the
Non-Brokered Offering is expected to close on or before
October 10, 2024. The closing
of the Offering is subject to certain conditions, including but not
limited to, the Company receiving the approval of the TSX.
The Units offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold
in the United States absent
registration or an applicable exemption from the registration
requirements. This press release shall not constitute an offer to
sell or the solicitation of an offer to buy nor shall there be any
sale of the Units in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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 Firefly Metals Ltd.) and the Hope
Brook Gold Project (being advanced in partnership with Big Ridge
Gold Corp.).
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 the
closing of the Offering and the timing of same, the use of the
proceeds of the Offering, the exercise of the Over-Allotment
Option, and the Company's intention to complete the Non-Brokered
Offering. 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 ability to obtain all approvals required
in connection with the Offering, demand for the Units, the
Company's business, operations and financial condition potentially
being materially adversely affected by the outbreak of epidemics,
pandemics or other health crises, 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, 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, 2023
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 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.
