First Nordic Announces C$10 Million “Bought Deal” Private Placement of Units
October 30 2024 - 4:26PM
First Nordic Metals Corp. (the
“
Company” or “
FNM”) (TSX.V: FNM,
OTCQB: FNMCF, Germany: HEG0) is pleased to announce that it has
entered into an agreement with Haywood Securities Inc.
(“
Haywood”), as lead underwriter and sole
bookrunner, on its own behalf and on behalf of a syndicate of
underwriters including Ventum Financial Corp. (together with
Haywood, the “
Underwriters”), pursuant to which
the Underwriters have agreed to purchase, on a "bought deal"
private placement basis 30,304,000 units (the “
Offered
Units”) of the Company at a price of C$0.33 per Offered
Unit (the “
Issue Price”) for aggregate gross
proceeds to the Company of C$10,000,320 (the
“
Offering”).
Each Offered Unit will consist of one common
share in the capital of the Corporation and one-half of one common
share purchase warrant of the Corporation (each whole purchase
warrant, a “Warrant”). Each Warrant will entitle
the holder to acquire one common share in the capital of the
Corporation (a “Warrant Share”) at a price per
Warrant Share of C$0.45 for a period of 24 months from the closing
date of the Offering.
The Company has granted the Underwriters an
option to purchase up to an additional 15% of the Offering in
Offered Units at the Issue Price (the "Underwriters'
Option”), exercisable in whole or in part at any time up
to 48 hours prior to the closing date of the Offering.
The net proceeds from the sale of the Offered
Units will be used by the Company for exploration at its properties
in Sweden and Finland, and general working capital and corporate
purposes.
The Offered Units to be issued under the
Offering will be offered by way of private placement in Canada and
will be subject to a hold period in Canada expiring four months and
one day from the closing date of the Offering.
The Offering is expected to close on or about
November 26, 2024 and is subject to certain closing conditions
including, but not limited to, the receipt of all necessary
approvals including the conditional listing approval of the TSX
Venture Exchange (“TSXV”) and the applicable
securities regulatory authorities. The Offering is subject to final
acceptance of the TSXV.
In consideration for its services, the Company
has agreed to pay the Underwriters a cash commission equal to 6.0%
of the gross proceeds from the Offering and to issue to the
Underwriters that number of non-transferable compensation options
(the “Compensation Options”) as is equal to 6.0%
of the aggregate number of Offered Units sold under the Offering.
Each Compensation Option is exercisable to acquire one common share
of the Company at a price equal to the Issue Price for a period of
24 months from the closing date of the Offering.
The Offered Units 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 securities in any
State in which such offer, solicitation or sale would be
unlawful.
ABOUT FIRST NORDIC METALSThe
Company's flagship asset is the Barsele gold project, located in
northern Sweden and in a joint venture with senior gold producer
Agnico Eagle Mines Limited. Immediately surrounding the Barsele
project, FNM is the 100%-owner of a district-scale license position
of close to 100,000 hectares on Gold Line Belt. Additionally, in
northern Finland FNM is the 100%-owner of a district-scale position
covering the entire Oijärvi Greenstone Belt.
ON BEHALF OF THE BOARD OF
DIRECTORSTaj Singh, M.Eng, P.Eng, CPAPresident & CEO,
Director
For further information
contact:Alicia FordBusiness Development ManagerPhone:
604-687-8566 Email: info@fnmetals.com
Follow First Nordic
Metals:Twitter: @fnmetalsYoutube:
@firstnordicmetalscorpLinkedIn: @firstnordicmetalsFacebook:
@FirstNordicMetalsInstagram: @firstnordicmetals
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Cautionary Note Regarding
Forward-Looking Statements:This news release may include
forward-looking statements that are subject to inherent risks and
uncertainties, including statements with respect to the Offering,
receipt of TSXV approval in respect thereof and closing of the
Offering. All statements within this news release, other than
statements of historical fact, are to be considered forward
looking. Although First Nordic believes the expectations expressed
in such forward-looking statements are based on reasonable
assumptions, such statements are not guarantees of future
performance and actual results or developments may differ
materially from those described in forward-looking statements.
Factors that could cause actual results to differ materially from
those described in forward-looking statements include fluctuations
in market prices, including metal prices, continued availability of
capital and financing, and general economic, market or business
conditions. There can be no assurances that such statements will
prove accurate and, therefore, readers are advised to rely on their
own evaluation of such uncertainties. Subject to applicable
securities laws, the Company does not assume any obligation to
update or revise the forward-looking statements contained herein to
reflect events or circumstances occurring after the date of this
release.
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