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First Nordic Raises $3.9M during July from Warrants and Options

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First Nordic Raises $3.9M during July from Warrants and Options

 

 

 

 

 

First Nordic Metals Corp.  (TSX-V: FNM) (OTCQB: FNMCF) (Frankfurt: HEG0) is pleased to announce the successful completion of the Company’s warrant exercise incentive program previously announced on July 11, 2024, as well as the exercise of additional Company warrants and stock options, providing aggregate gross proceeds of $1,147,130 to FNM. In total in July, the Company raised approximately $3.9M from warrants and stock options (see FNM News Release dated July 10, 2024, for additional information, in which $2.7M of this was previously announced).

 

Taj Singh, President and CEO comments: “In the month of July, close to $4 million of cash was raised for FNM through the exercise of warrants and stock options. This is a strong indicator of the investor support we have been able to build on the new FNM story, and this puts us in a solid position to get important exploration and drilling work done at our projects through 2024 and into next year.”

 

The proceeds of the Incentive Program warrants as well as the additional Company warrants and stock options will be used for exploration and development of the Company’s projects and for working capital purposes.

 

Incentive Program

A total of 1,774,558 common shares in the capital of the Company were issued upon the exercise of 1,774,558 outstanding share purchase warrants permitted to participate under the Incentive Program, providing gross proceeds of $638,841 to FNM from the Incentive Program (at $0.36 per Outstanding Warrant).

 

For every Outstanding Warrant exercised, the holders of such Outstanding Warrant received the one Common Share to which they were otherwise entitled under the terms of the Outstanding Warrants and one-half of one common share purchase warrant. Each Incentive Warrant allows the holder to acquire one Common Share at an exercise price of $0.40 for a period of two years following the date of the issuance of the Incentive Warrant. A total of 887,279 Incentive Warrants were issued pursuant to the Incentive Program.

 

Holders of 3,161,558 Outstanding Warrants were eligible to participate in the Incentive Program. For those holders of Outstanding Warrants who chose not to participate in the Incentive Program, such Outstanding Warrants will remain outstanding and continue to be exercisable for Common Shares on their current terms (including the amended exercise price of $0.36 per Outstanding Warrant) until their applicable expiry date, at which time any Outstanding Warrants that remain unexercised will expire and be cancelled pursuant to their terms.

 

The Incentive Warrants issued pursuant to the Incentive Program, and the Common Shares issuable on exercise thereof, are subject to a hold period ending November 30, 2024.

 

Additional Warrants and Stock Options

 

Since July 11, 2024 (after FNM News Release of July 10, 2024, on warrants / options update), in addition to funding from the Incentive Program, FNM has raised $475,610 from stock option exercises and an additional $32,679 from the exercise of other warrants not included in the Incentive Program.

 

ABOUT FIRST NORDIC METALS

 

The Company’s flagship asset is the Barsele gold project, located in Sweden and in a joint venture with senior gold producer Agnico Eagle Mines Limited. Immediately surrounding the Barsele project, FNM is the 100%-owner of a district-scale license position of close to 100,000 hectares on Gold Line Belt. Additionally, in northern Finland FNM is the 100%-owner of a district-scale position covering the entire Oijärvi Greenstone Belt.

 

Posted July 30, 2024

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