Firefox Gold (TSX-V:FFOX) has closed the first tranche of its non-brokered private placement, raising C$4.73 million ($4.78 million).
The company issued 7,884,499 units at C$0.60 per unit, with each unit comprising one common share and half a warrant. Each whole warrant is exercisable at C$0.90 for three years.
The second and final tranche will close on or about 18 June, bringing total estimated gross proceeds to C$6.75 million.
Proceeds will fund mineral exploration and related expenditures on projects in northern Finland, plus general working capital.
Company directors and officers bought 1,085,000 units in the first tranche, constituting a related party transaction.
As the transaction value was less than 25% of the company’s market capitalisation, it required no formal valuation or minority shareholder approval. Additional insiders are expected to join the second tranche.
In association with the first tranche, the gold explorer paid C$153,682 in cash finder fees and issued 256,136 finder warrants exercisable at C$0.90 for three years.
Operating since 2017, Firefox Gold has built a large portfolio of 100%-held, gold‑prospective properties across Finland’s Central Lapland Greenstone Belt.
The company is led by a Finland‑based CEO and technical team, with flagship projects including Mustajärvi, Jeesiö, and Sarvi.
Write to JC Villarba at Mining.com.au
Images: Firefox Gold
