Firefox Gold Closes First Tranche of Non-Brokered Private Placement
Firefox Gold Closes First Tranche of Non-Brokered Private
Placement
VANCOUVER, BC / ACCESSWIRE / October 7, 2022 / FireFox Gold Corp. ("FireFox" or
the "Company") announces, effective October 6, 2022 that, subject to regulatory acceptance, it
has completed the first tranche of the non-brokered private placement (the "Private Placement")
announced on September 21, 2022. The Company expects additional subscribers to join the
financing, so it has elected to keep the Private Placement open for a second tranche. FireFox
expects to complete the second tranche on or about October 21, 2022.
In this first tranche, the Company has raised total gross proceeds of $486,000 by issuing
4,860,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one
common share of the Company and one-half common share purchase warrant, with each whole
warrant being exercisable to acquire one additional common share of the Company at an exercise
price of $0.18 per share for a term of two years from the date of issuance. 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 intends to use the proceeds of the Private Placement on general working capital,
drilling on the Mustajärvi project, and exploration activities on other gold exploration properties
in Finland.
Certain directors, officers and other insiders of the Company purchased or acquired direction and
control over a total of 250,000 units under the private placement. The placement to those persons
constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special
Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from
the formal valuation and minority shareholder approval requirements of MI 61-101 contained in
sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the
placement as neither the fair market value (as determined under MI 61-101) of the subject matter
of, nor the fair market value of the consideration for, the transaction, insofar as it involved the
related parties, exceeded 25% of the Company's market capitalization (as determined under MI
61-101).
FireFox will pay to qualified finders $1,800 in cash finder's fees and will issue 18,000 finders
warrants exercisable at $0.18 for 2 years from the date of issuance in association with the first
tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX.
FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol
FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge
portfolio 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
CONTACT:
FireFox Gold Corp.
Email: [email protected]
Telephone: 778-938-1994
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 expected total
financing amounts, terms, and timeframe; and the current and future work program, including the
extent and nature of exploration to be conducted in 2020. 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.
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WHOLE OR IN PART, IN OR INTO THE UNITED STATES.
SOURCE: FireFox Gold Corp