First Mining Closes Final Tranche of Upsized $5.3 Million Flow-Through 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 $5.3 Million
Flow-Through Equity Financing
September 2, 2022 – 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 closed the final tranche
of its upsized non-brokered private placement offering of common shares of the Company that qualify as
flow-through shares (the “Flow-Through Shares”) for the purposes of the Income Tax Act (Canada) (the
“Offering”). Pursuant to the f inal tranche, First Mining issued 2,000,000 Flow-Through Shares at a price
of $0.30 per Flow-Through Share raising aggregate gross proceeds of $0.6 million. Together with the funds
received by the Company in the first tranche of the Offering, First Mining raised approximately $5.3 million
in total gross proceeds across the two tranches of the Offering.
The gross proceeds raised from the sale of the Flow -Through Shares under 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 Flow- Through Shares issued under the Offering will be subject to a statutory hold period of four
months and one day from the issuance of the shares, expiring on December 27, 2022 (in the case of the
Flow-Through Shares issued under the first tranche of the Offering) and January 3, 2023 (in the case of
the Flow-Through Shares issued under the final tranche of the Offering).
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 own s the Cameron, Duparquet, Duquesne and P itt 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.
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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 i nformation” 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 use of the gross proceeds from the sale of the Flow -Through Shares issued under the two
tranches of the Offering to fund exploration programs that qualify as CEE and flow-through mining expenditures; (ii)
the Company’s plans with respect to advancing i ts portfolio of gold projects ; and ( iii) Feasibility and permitting
activities related to the Springpole Gold 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 refl ect 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: 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 e conomic 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
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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.