/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, BC, April 8, 2021 /CNW/ - FireFox Gold Corp. (TSXV:
FFOX) ("FireFox" or the "Company") announces that it intends to
raise up to $2,000,000 by way of a
non-brokered private placement (the "Private Placement"). The
Private Placement will consist of up to 11,111,111 units of the
Company ("Units") at a price of $0.18
per Unit. Each Unit will consist of one common share of the Company
("Common Share") and one-half of one common share purchase warrant
("Warrant"), with each whole Warrant being exercisable to acquire
one common share of the Company (a "Warrant Share") at an exercise
price of $0.27 per Warrant Share for
a term of two years following the closing of the Offering.
Tin International AG, a subsidiary of the Deutsche Rohstoff
Group, will take part in the financing as a lead order, subscribing
for approximately 3,333,333 Units or $600,000. Deutsche Rohstoff is a German natural
resource holding company specializing in oil and gas in
the United States as well as
investment in gold and strategic metals. Upon closing of the
Private Placement, Tin International AG is expected to own
approximately 3.6% of the issued and outstanding shares of
FireFox.
Carl Löfberg, FireFox's President and CEO, commented, "We are
very pleased to add a quality strategic corporate investor to our
shareholder registry, which already includes several very strong
institutional gold investors. Together, we continue to execute on
our strategy in Lapland, securing a vast land package and
continually advancing our projects towards discovery."
The proceeds of the Private Placement will be used for general
working capital and exploration activities on FireFox's gold
exploration properties in Finland.
Prior to this financing, FireFox has 81.8 million shares
outstanding, 33.2 million warrants, and 6.6 million stock options
issued.
The Shares issued pursuant to the Private Placement will be
subject to a statutory hold period of four months plus one day from
the date of issuance, in accordance with applicable securities
legislation. The Company anticipates that the Private Placement
will close on or before April 22,
2021.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange
under the ticker symbol FFOX. The Company has been exploring for
gold in Finland since 2017 where
it holds a project portfolio that includes over 80,000 hectares of
prospective ground. Finland is one
of the top mining investment jurisdictions in the world as
indicated by its multiple top-10 rankings in recent Fraser
Institute Surveys of Mining Companies. Having a strong mining law
and long mining tradition, Finland
remains underexplored for gold. Recent exploration results in the
country have highlighted its prospectivity, and FireFox is proud to
have a Finland based CEO and
technical team.
For more information, please refer to the Company's website and
profile on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors,
"Carl Löfberg"
Chief Executive Officer
Forward Looking Statements
The information herein contains forward looking statements that
are subject to a number of known and unknown risks, uncertainties
and other factors that may cause actual results to differ
materially from those anticipated in our forward-looking
statements. Factors that could cause such differences include:
changes in world commodity markets, equity markets, the extent of
work stoppage and economic impacts that may result from the COVID
19 virus, costs and supply of materials relevant to the mining
industry, change in government and changes to regulations affecting
the mining industry.
Forward-looking statements in this release may include
statements regarding: the amount and timing of the current
financing, current and future work program, including the extent
and nature of exploration to be conducted in 2021. Although we
believe the expectations reflected in our forward-looking
statements are reasonable, results may vary. The forward-looking
statements contained herein represent the expectations of FireFox
as of the date of dissemination and, accordingly, are subject to
change after such date. Readers should not place undue importance
on forward-looking statements and should not rely upon this
information as of any other date. FireFox does not undertake to
update this information at any particular time except as required
in accordance with applicable laws.
SOURCE FireFox Gold Corp.