19:47:22 EST Thu 14 Nov 2019
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First Mexican Gold Corp (2)
Symbol FMG
Shares Issued 8,091,637
Close 2019-11-05 C$ 0.04
Recent Sedar Documents

First Mexican closes $350,000 1st tranche of financing

2019-11-08 10:44 ET - News Release

Ms. Jessica Whitton reports

FIRST MEXICAN GOLD CORP. ANNOUNCES CLOSING OF FIRST TRANCHE PRIVATE PLACEMENT OF UNITS

Further to its news release dated Oct. 23, 2019, First Mexican Gold Corp. has issued in the first tranche an aggregate of seven million units of the company at a price of five cents per unit for gross proceeds of $350,000.

Each unit consists of one common share in the capital of the company and one common share purchase warrant. Each warrant entitles the holder thereof to purchase one additional common share at a price of 7.5 cents for a period of two years from the date of issuance. All securities issued under the first tranche of the offering are subject to a four-month-and-one-day statutory hold period. The gross proceeds from the first tranche of the offering will be used for general working capital purposes.

Irwin Professional Corp. (IPC) has subscribed for seven million units of the company. A total of three million units, representing approximately 19.88 per cent of the issued and outstanding common shares on an undiluted basis and, assuming exercise of the warrants, approximately 33.16 per cent of the issued and outstanding common shares of the company on a partially diluted basis, have been issued to IPC. Shareholders of the company will be asked to vote to approve a new control person prior to the company issuing the balance of the four million units to IPC. IPC has signed an undertaking agreeing not to exercise any convertible securities of the company, in whole or in part, if, after giving effect to such exercise, IPC would own that number of common shares of the company which is 20 per cent or greater of the total issued and outstanding common shares of the company, immediately after giving effect to such exercise, until such time the company obtains shareholder approval for the creation of a new control person. IPC has a long-term view of the investment and may acquire additional common shares, either on the open market or through private acquisitions, or sell the common shares, either on the open market or through private dispositions, in the future, depending on market conditions, reformulation of plans and/or other relevant factors. A copy of IPC's early warning report will appear under the company's profile on SEDAR.

The company intends to complete a second tranche, which is anticipated to close on or about Nov. 15, 2019, or such other date as the company may reasonably agree. The closing of both the first and second tranche is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.

We seek Safe Harbor.

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