First Mining raises cash for Canada gold projects

Fri Sep 20 2024

Gold developer First Mining has announced a C$7-million bought-deal public offering and nonbrokered private placement to raise funds to advance its Springpole and Duparquet projects.

Springpole, in north-western Ontario, is in the feasibility study stage and permitting activities are ongoing, while Duparquet in Quebec, is a preliminary economic assessment-stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region.  

First Mining has entered into an agreement with a syndicate of underwriters co-led by Cormark Securities and Haywood Securities under which the underwriters have agreed to buy on a bought deal basis, 51.85-million units of the company at $0.135 each for proceeds of about C$7-million.

In addition, the company plans to complete a non-brokered private placement of units for gross proceeds of up to C$5-million.

The bought-deal offering is expected to close on or before September 26, and the nonbrokered offering is expected to close on October 10. 

Source: https://www.miningweekly.com/