/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Aug. 9, 2022
/CNW/ - First Mining Gold Corp. ("First Mining" or the
"Company") (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is
pleased to announce that it intends to complete a flow-through
equity financing by way of a non-brokered private placement for
aggregate proceeds of approximately $5
million (the "Offering"). The Offering will consist
of 16,500,000 common shares of the Company (the "Flow-Through
Shares") that qualify as flow-through shares for purposes of
the Income Tax Act (Canada), at a price of $0.30 per Flow-Through Share.
The gross proceeds raised from the sale of the Offering will be
used by First Mining to fund exploration programs that qualify as
"Canadian Exploration Expenses" ("CEE") and "flow-through
mining expenditures", as those terms are defined in the Income
Tax Act (Canada).
The closing of the Offering is expected to occur on or before
August 26, 2022 (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
Flow-Through 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.
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 a portfolio of gold
projects in Canada, with our most
advanced project being the Springpole Gold Project in
northwestern Ontario, which is one
of the largest undeveloped gold projects in Canada, and where we have commenced a
Feasibility Study and permitting activities are on-going with a
draft Environmental Impact Statement ("EIS") for the project
submitted in June 2022. First
Mining also owns the Cameron,
Duparquet, Duquesne and Pitt gold projects, all advanced-stage
gold projects in Ontario (in the
case of Cameron) and Québec. Our
portfolio of gold project interests also includes 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.), an equity interest in
Treasury Metals Inc., and a portfolio of 21 gold royalties.
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 Offering and the timing thereof; (ii) the use
of the gross proceeds from the sale of the Flow-Through Shares
issued under the Offering to fund exploration programs that qualify
as CEE and flow-through mining expenditures; (iii) the
Company's plans with respect to advancing its portfolio of gold
projects; and (iv) 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 approval from the TSX; demand for the Flow-Through Shares;
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, 2021 filed with the Canadian
securities regulatory authorities under the Company's SEDAR profile
at www.sedar.com, 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.