VANCOUVER, BC, June 11, 2020 /CNW/ - FireFox Gold Corp. ("FireFox" or the "Company") announces that it intends to raise up to $500,000 by way of a non-brokered private placement (the "Private Placement"). The Private Placement will consist of up to 5,000,000 units of the Company ("Units") at a price of $0.10 per Unit. Each Unit will consist of one common share of the Company ("Common Share") and one-half of one common share purchase warrant ("Warrant"), with each whole Warrant being exercisable to acquire one common share of the Company (a "Warrant Share") at an exercise price of $0.12 per Warrant Share for a term of two years following the closing of the Offering.
It is anticipated that the proceeds of the Private Placement will be used for general working capital and exploration activities on FireFox's gold exploration properties in Finland. Prior to this financing, FireFox has 48.8 million shares outstanding, 21.2 million warrants, and 3.5 million stock options issued.
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 anticipates that the Private Placement will close on or about June 26, 2020. The Company may pay finder's fees to qualified finders in association with a portion of this financing.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. The Company is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 150,000 hectares 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 concerning the Company, please refer to the Company's 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 proposed financing amounts, terms, and timeframe; the current and future work program, including the extent and nature of exploration to be conducted in 2020; as well as option agreements and FireFox's ultimate equity in the properties described. 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.
It should also be noted that while FireFox's properties are sometimes adjacent to or nearby operating or historic gold mines or active gold projects being advanced by other companies, the mineralization on properties nearby FireFox's land packages is not necessarily indicative of mineralization on FireFox's properties.
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