Mr. Carl Lofberg reports
FIREFOX GOLD CLOSES SECOND AND FINAL TRANCHE OF NON-BROKERED PRIVATE PLACEMENT
Firefox Gold Corp., effective Nov. 15, 2022, subject to regulatory acceptance, has completed the second and final tranche of the non-brokered private placement announced on Sept. 21, 2022.
Firefox has raised gross proceeds of $506,000 by issuing 5.06 million units of the company at a purchase price of 10 cents per unit. Each unit consists of one common share of the company and one-half common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the company at an exercise price of 18 cents 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 paid $1,800 in cash for finder's fees to qualified finders and issued 18,000 finder's warrants exercisable at 18 cents for two years from the date of issuance in association with the first tranche of the private placement.
About Firefox Gold Corp.
Firefox Gold is listed on the TSX Venture Exchange under the ticker symbol FFOX. Firefox also trades on the OTCQB Venture Market Exchange in the United States 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 chief executive officer and technical team.
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