First Mining closes oversubscribed offering
Toronto-listed First Mining Gold, a gold developer focusing on the Springpole project in Ontario, has raised C$28.75-million in an oversubscribed offering.
The company issued 57.5-million units of the company at C$0.50 a unit.
Each unit consists of one common share in the capital of the company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire, subject to adjustment in certain circumstances, one additional common share at a price of $0.70 for a period of 24 months following the closing of the offering.
The units were offered and sold through a syndicate of underwriters led by Cormark Securities and including BMO Nesbitt Burns and H.C. Wainwright & Co.
First Mining says it will use the net proceeds of the offering for exploration, development and permitting activities at its Canadian gold projects, potential acquisitions, as well as for working capital and general corporate purposes.
The junior’s Springpole project is one of the largest undeveloped gold projects in Canada, currently hosting a mineral resource base of 4.67-million ounces of gold in the indicated category and 0.23-million ounces of gold in the inferred category. A prefeasibility study is under way, with completion targeted in early 2021.
First Mining’s stock closed 10% higher at C$0.48 a share in Toronto on Wednesday.
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