First Mining Closes Final Tranche of Upsized $10.8 Million Equity Financing
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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NEWS RELEASE
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED STATES
First Mining Closes Final Tranche of Upsized $10.8 Million Equity Financing
December 7, 2023 – Vancouver, BC, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)
(TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has further upsized and
closed its previously announced non-brokered private placement financing (the “Offering”), raising total
gross proceeds of approximately $10.8 million across two tranches of the Offering.
Pursuant to the second and final tranche of the Offering (the “ Final Tranche”) , the Company issued
22,668,000 units of the Company (the “ Units”) at a price of $0. 125 per Unit for gross proceeds of
$2,833,500. Each Unit consists 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 entitles the holder to acquire one common share of the Company (a “ Warrant Share”) at an
exercise price of $0.20 per Warrant Share at any time prior to the date which is 36 months following the
closing date of the Final Tranche. The Company raised approximately $8 million under the first tranche
of the Offering (see news release dated November 21, 2023).
The Company intends to use the net proceeds from the Offering to advance its Springpole and Duparquet
gold projects, as well as for general working capital and corporate purposes.
All of the securities issued under the Final Tranche are subject to a statutory hold period of four months
and one day in accordance with applicable Canadian securities laws. The Offering remains subject to the
receipt of all necessary regulatory approvals, including the final approval of the Toronto Stock Exchange
(the “TSX”).
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.
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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
For further information, please contact:
Toll Free: 1 844 306 8827 | Email: [email protected]
Paul Morris | Director, Investor Relations | Email: [email protected]
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 result s "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 intended use of the net proceeds of the Offering; (ii) the receipt of all regulatory and stock
exchange approvals, ( iii) the Company’s plans with respect to advancing its portfolio of gold projects ; and (i v)
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 final approval from the TSX; 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 asso ciated 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 explorati on and development; title to
properties.; and the additional risks described in the Company’s Annual Information Form for the year ended
December 31, 2022 filed with the Canadian securities regulatory authorities under the Company’s SEDAR+ profile
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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at www.sedarplus.ca, and in the Company’s Annual Report on Form 40 -F filed with the U.S. Securities and Exchange
Commission and 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.