First Mining Gold raises $24.4 million in private placement

First Mining Gold Corp. (TSX: FF) completed a non-brokered private placement raising $24.4 million in gross proceeds, the company announced. Combined with a $12.0 million public offering closed on July 22, First Mining raised a total of $36.4 million.

The private placement consisted of 95 million units priced at $0.18 each for $17.1 million and 33.35 million flow-through units at $0.22 each for $7.3 million. Each unit includes one common share and half a warrant, while each flow-through unit contains one flow-through share and half a warrant. The warrants allow holders to purchase common shares at $0.27 per share within 36 months of closing.

First Mining will use proceeds from the regular units to advance its Springpole and Duparquet gold projects and for general corporate purposes. Flow-through unit proceeds must be spent on qualifying Canadian exploration expenses at the Springpole and Duparquet projects by December 31, 2026. The company will renounce these expenditures to flow-through purchasers by December 31, 2025.

All securities issued are subject to a four-month and one-day hold period under Canadian securities laws. First Mining trades on the TSX, OTCQX under FFMGF, and Frankfurt Exchange under FMG.

The Vancouver-based company is developing the Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in Quebec. First Mining has submitted an Environmental Impact Statement for Springpole and is conducting a feasibility study for the project.

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