First Mining Closes First Tranche of Upsized 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 First Tranche of Upsized Flow-Through Equity Financing
August 26, 2022 – Vancouver, BC, Canada – First Mining Gold Corp. (“First Mining” or the “Company”)
(TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that due to demand, the Company
has upsized its previously announced non-brokered private placement offering of common shares of the
Company (the “Flow-Through Shares”) that qualify as flow-through shares for purposes of the Income Tax
Act (Canada) (the “Offering”), and the Company has closed the first tranche of the Offering. Pursuant to
the first tranche, First Mining issued 15,749,868 Flow-Through Shares at a price of $0.30 per Flow-Through
Share raising aggregate gross proceeds of approximately $ 4.7 million. First Mining expects to close the
remainder of the Offering on or about September 2, 2022 and expects the total Offering to be
approximately $5.2 million in total gross proceeds.
The gross proceeds raised from the sale of the Offering will be used by First Mining to fund explo ration
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.
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 offe red 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 (“EI S”) for the project submitted in
June 2022. First Mining also own s 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 inclu des the Pickle Cro w 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 information” and "forward -looking statements” (collectively
"forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation
including the United States Pri vate Securities Litigation Refor m 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”, "esti mates”, “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 remainder of the Offering and the timing thereof; (ii) the total gross proceeds
of the Offering; (iii) 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; (i v) the Company’s plans
with respect to advancing its portfolio of gold projects ; and ( 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 state ments 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 part ies 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 for the remainder of the Offering; 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 employ ee health and safety as a result of the out break 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 of fice; 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 wit h the Canadian securities regulatory author ities
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.