First Mining Gold closes $7.4 million financing, shares advance

First Mining Gold Corp. [FF-TSX, FFMGF-OTCQX, FMG-Frankfurt] has raised $7.4 million from an upsized brokered private placement financing. The company said proceeds of the offering are earmarked for the advancement of its Springpole and Duparquet gold projects as well as for general working capital and corporate purposes.

Under the terms of the offering, First Mining issued 54.4 million units priced at 13.5 cents per unit. Each unit consists of one common share and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of 20 cents at any time prior to a date that is 36 months following the closing date.

On Friday, First Mining shares rose 3.8% or $0.005 to 13.5 cents. The shares currently trade in a 52-week range of 18.5 cents and $0.095.

First Mining is a gold developer advancing two of the largest gold projects in Canada. They include the Springpole gold project in northwestern Ontario, where it has commenced a feasibility study and permitting activities are continuing with a draft environmental impact statement for the project published in June, 2022

First Mining also owns 100% of the Duparquet gold project in Quebec after completing the acquisition of shares in Beattie Gold Mines which it did not already own as well as shares of two numbered companies.

The Duparquet Gold Project is a multi-million-ounce preliminary economic assessment stage development project located in the Abitibi region of Quebec, approximately 50 kilometres north of the city of Rouyn-Noranda. The Duparquet deposit contains an updated gold resource of 3.4 million ounces of gold in the measured and indicated category, plus an additional 1.6 million ounces of inferred material.

Existing infrastructure at the project site includes paved provincial highways, from Rouyn-Noranda to the south and LaSarre to the north, plus direct access to Quebec’s hydroelectric power grid. The project is located in an area with a strong history of sustainable mining practises.

First Mining also owns the Cameron Gold Project in Ontario and a portfolio of gold project interests including the Pickle Crow Gold Project (being advanced in partnership with Firefly Metals Ltd.}, and the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp. [BRAU-TSXV, ALVLF-OTCQB).

At Hope Brook, Big Ridge is working toward completion of environmental baseline and ore sorting studies. It said completion of these two key studies during the fourth quarter of 2024 will add significant value when the company completes a preliminary economic assessment at Hope Brook.