/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC,
Oct. 26,
2023 /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
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.
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 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 Auteco Minerals Ltd.), the Hope
Brook Gold Project (being advanced in partnership with Big Ridge
Gold Corp.), and a large equity interest in Treasury Metals
Inc.
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
gross proceeds to be raised pursuant to the Offering and the use of
the gross proceeds from the sale of the Units under the Offering;
(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 Units; 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.