FireFox Gold Corp. ("FireFox" or the "Company") announces, effective July 7, 2022 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the "Private Placement") announced on June 14th, 2022. In completing the second tranche, FireFox has increased the total gross proceeds of the Private Placement to $502,010
In this final tranche, the Company has raised gross proceeds of $50,000 by issuing 357,143 units of the Company at a purchase price of $0.14 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.21 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.
The Company intends to use the proceeds of the Private Placement for general corporate purposes, working capital and exploration activities on FireFox's gold exploration properties in Finland.
FireFox will pay to qualified finders $2,520 in cash finders fees and will issue 15,000 finders warrants exercisable at $0.21 for 2 years from the date of issuance in association with the first tranche of the Private Placement.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a huge portfolio of prospective ground.
Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.
For more information, please refer to the Company's website and profile on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors,
Chief Executive Officer
Forward Looking Statements
The information herein contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, the extent of work stoppage and economic impacts that may result from the COVID 19 virus, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry.
Forward-looking statements in this release may include statements regarding: the expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2020. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary. The forward-looking statements contained herein represent the expectations of FireFox as of the date of dissemination and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.
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SOURCE: FireFox Gold Corp.
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