First Mining Completes $5 Million Flow-Through 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 Completes $5 Million Flow-Through Financing
June 26, 2023 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX:
FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that it has completed a flow-through
equity financing by way of a non -brokered private placement for aggregate gross proceeds of $5 million
(the “Offering”). The Offering consisted of 18,518,519 flow-through units of the Company (the “FT Units”)
at a price of $0.27 per FT Unit.
Each FT Unit is comprised of one common share and one half of one common share purchase warrant,
issued on a flow -through basis, with each full common share purchase warrant (a “ Warrant”) being
exercisable to acquire one additional common share of the Company at a price of $0.27 for a period of 36
months following the closing date of the Offering. The common shares underlying the Warrants will not
be issued as “flow-through shares”.
The common shares that comprise the FT Units qualify as “ flow-through shares” (within the meaning of
subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec)). The
gross proceeds from the Offering will be used by the Company to incur eligible “ Canadian exploration
expenses” that qualify as “flow-through mining expenditures” (as both terms are defined in the Income
Tax Act (Canada)) (the “Qualifying Expenditures”) related to the Company’s Duparquet Gold Project and
its other mineral projects in Québec. The Qualifying Expenditures will be renounced in favour of the
subscribers of the Offering with an effective date no later than December 31, 202 4 and in an aggregate
amount of not less than the total amount of the gross proceeds raised from the Offering.
The FT Units issued under the Offering are subject to a statutory hold period of four months and one day
from the issuance of the units, expiring on October 24, 2023.
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, Pitt Gold, Duq uesne and Porcupine East Gold Project in Quebec, a collection of
advanced-stage development assets 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
TSX: FF
OTCQX: FFMGF
FRANKFURT: FMG
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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
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 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 t his 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 fr om the sale of the FT Unit s issued under the Offering to incur
Qualifying Expenditures at the Company’s Duparquet Gold Project and its ot her mineral projects in Quebec ; (ii) the
Qualifying Expenditures being renounced in favour of the subscribers of the Offering no later than December 31, 2024
for an aggregate amount that is not less than the total amount of the gross proceeds raised from the Offering; (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 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 cur rently 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. 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 tempor ary 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 c laims by local communities, indigenous populations and other
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OTCQX: FFMGF
FRANKFURT: FMG
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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, 2022 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.