First Mining Gold Corp. (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to announce that due to demand, the Company has upsized and closed its previously announced non-brokered private placement offering of common shares of the Company for aggregate proceeds of approximately $7 million.

Pursuant to the Offering, the Company issued (i) 31,212,121 Common Shares that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) at a price of $0.165 per National FT Share and (ii) 10,000,000 Common Shares that qualify as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) and subsection 359.1 of the Taxation Act (Québec) at a price of $0.18 per Québec FT Share.

The gross proceeds raised from the Offering will be used by First Mining to fund exploration programs related to the Company’s Springpole and Duparquet gold projects that qualify as “Canadian exploration expenses” and “flow-through mining expenditures”, as those terms are defined in the Income Tax Act (Canada) for the National FT Shares and will also qualify for inclusion in the “exploration base relating to certain Québec exploration expenses” within the meaning of section 726.4.10 of the Taxation Act (Québec) for the Québec FT Shares. The Qualifying Expenditures will be renounced in favour of the subscribers of the Offering with an effective date no later than December 31, 2024 and in an aggregate amount of not less than the total amount of the gross proceeds raised from the Offering.

The FT Shares and Finder Shares issued under the Offering are subject to a statutory hold period of four months and one day from the closing date of the Offering. The Offering remains subject to the receipt of all necessary regulatory approvals, including the final approval of the Toronto Stock Exchange.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as such term is defined in Regulation S under the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About First Mining Gold Corp. 

First Mining is a gold developer advancing two of the largest gold projects in Canada, the Springpole Gold Project in northwestern Ontario, where we have commenced a Feasibility Study and permitting activities are on-going with a draft Environmental Impact Statement for the project published in June 2022, and the Duparquet Gold Project in Québec, a PEA-stage development project located on the Destor-Porcupine Fault Zone in the prolific Abitibi region. 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 retains an ownership interest in the Hope Brook Gold Project (being advanced in partnership with Big Ridge Gold Corp.).

First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.