VANCOUVER, BC / ACCESSWIRE / April 17, 2023 / FireFox Gold Corp. (TSX.V:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") announces, effective April 14, 2023 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the "Private Placement") announced on February 27, 2023.
FireFox has raised gross proceeds of $978,500 by issuing 9,785,000 units of the Company at a purchase price of $0.10 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 $0.15 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 $4,200 in cash finders fees and will issue 42,000 finders warrants exercisable at $0.15 for 2 years from the date of issuance. FireFox will also pay $31,800 in agency fees and will issue 318,000 agency warrants exercisable at $0.15 for 2 years from the date of issuance.
Warrant Amendments
FireFox also announces that it is applying to the TSX Venture Exchange (the "TSXV") to extend the expiry date of 8.33 million common share purchase warrants issued by the Company in connection with a private placement financing closed on April 30, 2021. This will extend the expiry date by one year to April 28, 2024. The warrants to be amended do not include any warrants issued to finders or agents. No other terms of the warrants are to be amended and the exercise price remains at $0.27.
In addition, the Company is also seeking approval from the TSXV to re-price 2.53 million common share purchase warrants from an exercise price of $0.18 to $0.12. The re-pricing request pertains to a non-brokered private placement closed by the Company on November 15, 2022. FireFox's objective in re-pricing the warrants is to bring them in line with the exercise price of another non-brokered private placement closed very shortly thereafter on December 19, 2022, in which the warrant exercise price was $0.12. The warrants in question have an expiry date of November 15, 2024.
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,
"Carl Löfberg"
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email: [email protected]
Telephone: 778-938-1994
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.
SOURCE: FireFox Gold Corp