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First Mining Gold brings in C$28.75M from over-subscribed financing

The mining group issued 57.5 million units at C$0.50 each, including 7.5 million in connection with an over-allotment

First Mining Gold Corp. -
First Mining's flagship asset is the Springpole Gold project in northwestern Ontario - one of the largest undeveloped gold projects in Canada

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) revealed it had closed an over-subscribed financing, raising C$28.75 million to advance its Canadian gold assets.

The mining group issue 57.5 million units at C$0.50 each, including 7.5 million in connection with the exercise in full of an over-allotment option granted to the underwriters.

READ: First Mining Gold upsizes financing to $25 million to advance Canadian gold projects

"The company intends to use the net proceeds of the offering for exploration, development and permitting activities at its Canadian gold projects, potential acquisitions, as well as for working capital and general corporate purposes," it told investors in a brief statement.

Each unit comprises one share and one-half of a share purchase warrant. Each whole warrant entitles the holder to acquire one additional share for C$0.70 for 24 months following closing.

The units were offered and sold through a syndicate of underwriters led by Cormark Securities Inc, which included BMO Nesbitt Burns Inc and HC Wainwright & Co.

First Mining's flagship asset is the Springpole Gold project in northwestern Ontario - one of the largest undeveloped gold projects in Canada.

It hosts a mineral resource base of 4.67 million ounces of gold in the indicated category and 230,000 ounces of gold in the inferred.

A prefeasibility study is underway, with completion targeted in early 2021.

First Mining Gold shares were unchanged in Toronto at C$0.44 each.

Contact the author at [email protected]

Quick facts: First Mining Gold Corp.

Price: 0.41 CAD

TSX:FF
Market: TSX
Market Cap: $283.96 m
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