First Nordic Raises $3.9M during July from Warrants and Options
First Nordic Raises $3.9M during July from
Warrants and Options
VANCOUVER, BC
,
July 30, 2024
/CNW/ -
First Nordic Metals Corp.
(the
"Company"
or
"FNM"
)
(TSXV: FNM) (OTCQB: FNMCF) (Frankfurt: HEG0) is pleased to announce the successful
completion of the Company's warrant exercise incentive program previously announced on
July 11,
2024
(the "Incentive Program"), as well as the exercise of additional Company warrants and stock
options, providing aggregate gross proceeds of
$1,147,130
to FNM. In total in July, the Company
raised approximately
$3.9M
from warrants and stock options (see FNM News Release dated
July
10, 2024
, for additional information, in which
$2.7M
of this was previously announced).
Taj Singh
, President and CEO comments
:
"In the month of July, close to
$4 million
of cash was
raised for FNM through the exercise of warrants and stock options. This is a strong indicator of the
investor support we have been able to build on the new FNM story, and this puts us in a solid
position to get important exploration and drilling work done at our projects through 2024 and into
next year."
The proceeds of the Incentive Program warrants as well as the additional Company warrants and
stock options will be used for exploration and development of the Company's projects and for
working capital purposes.
Incentive Program
A total of 1,774,558 common shares in the capital of the Company (each a "
Common Share
") were
issued upon the exercise of 1,774,558 outstanding share purchase warrants (the "
Outstanding
Warrants
") permitted to participate under the Incentive Program, providing gross proceeds of
$638,841
to FNM from the Incentive Program (at
$0.36
per Outstanding Warrant).
For every Outstanding Warrant exercised, the holders of such Outstanding Warrant received the one
Common Share to which they were otherwise entitled under the terms of the Outstanding Warrants
and one-half of one common share purchase warrant (each whole warrant, an "
Incentive
Warrant
"). Each Incentive Warrant allows the holder to acquire one Common Share at an exercise
price of
$0.40
for a period of two years following the date of the issuance of the Incentive Warrant.
A total of 887,279 Incentive Warrants were issued pursuant to the Incentive Program.
Holders of 3,161,558 Outstanding Warrants were eligible to participate in the Incentive Program. For
those holders of Outstanding Warrants who chose not to participate in the Incentive Program, such
Outstanding Warrants will remain outstanding and continue to be exercisable for Common Shares on
their current terms (including the amended exercise price of
$0.36
per Outstanding Warrant) until
their applicable expiry date, at which time any Outstanding Warrants that remain unexercised will
expire and be cancelled pursuant to their terms.
The Incentive Warrants issued pursuant to the Incentive Program, and the Common Shares issuable
on exercise thereof, are subject to a hold period ending
November 30, 2024
.
Additional Warrants and Stock Options
Since
July 11, 2024
(after FNM News Release of
July 10, 2024
, on warrants / options update), in
addition to funding from the Incentive Program, FNM has raised
$475,610
from stock option
exercises and an additional
$32,679
from the exercise of other warrants not included in the Incentive
Program.
ABOUT FIRST NORDIC METALS
The Company's flagship asset is the Barsele gold project, located in
Sweden
and in a joint venture
with senior gold producer Agnico Eagle Mines Limited. Immediately surrounding the Barsele project,
FNM is the 100%-owner of a district-scale license position of close to 100,000 hectares on Gold
Line Belt. Additionally, in northern Finland FNM is the 100%-owner of a district-scale position
covering the entire Oijärvi Greenstone Belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh
, M.Eng, P.Eng, CPA
President & CEO, Director
Follow First Nordic Metals:
Twitter: @fnmetals
Youtube: @firstnordicmetalscorp
LinkedIn: @firstnordicmetals
Facebook: @FirstNordicMetals
Instagram: @firstnordicmetals
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note Regarding Forward-Looking Statements:
This release contains "forward
looking information" or "forward-looking statements" within the
meaning of Canadian securities laws, which may include, but are not limited to statements relating
to receipt of TSXV acceptance of the Incentive Program and use of proceeds from the Incentive
Program. All statements in this release
,
other than statements of historical facts, that address
events or developments that the Company expects to occur, are forward-looking statements.
Forward-looking statements are statements that are not historical facts and are generally, but not
always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or conditions "will", "would", "may",
"could" or "should" occur. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results may differ from those in the forward-looking
statements. Such forward-looking information reflects the Company's views with respect to future
events and is subject to risks, uncertainties and assumptions. Such factors include, among other
things: risks and uncertainties relating to exploration and development, the ability of the Company
to obtain additional financing, the need to comply with environmental and governmental
regulations, fluctuations in the prices of gold and other commodities, operating hazards and risks
inherent in the resource industry, competition and other risks and uncertainties, including those
described in the Company's financial statements and/or management discussion and analysis
available on
www.sedarplus.ca
The Company does not undertake to update forward
looking
statements or forward-looking information, except as required by law
.
SOURCE
First Nordic Metals Corp.
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For further information:
For further information contact: Alicia Ford, Business Development
Manager, Phone: 604-687-8566, Email: [email protected]
CO: First Nordic Metals Corp.
CNW 04:00e 30-JUL-24