/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, BC, July 2, 2020 /CNW/ - FireFox Gold Corp.
("FireFox" or the "Company") announces, effective today that,
subject to regulatory acceptance, it has completed the second and
final tranche of the non-brokered private placement (the "Private
Placement") announced on June
11th, 2020 and upsized on June 25th, 2020. As a result of
significant interest in FireFox's projects, the Company created an
opportunity to bring on several new shareholders of significant
size, resulting in a private placement that has been substantially
oversubscribed. In completing the second tranche, FireFox has
increased the total gross proceeds of the Private Placement to
$2,000,000.
In this final tranche, the Company raised gross proceeds of
$927,500 by issuing 9,275,000 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 half of 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
C$0.12 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.
M Partners Inc. acted as a finder in this placement. In total,
over both tranches the Company will pay to qualified finders
$97,300 in cash finder's fees and
will issue 973,000 finder's warrants exercisable at $0.10 for 2 years from the date of
issuance.
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,
"Carl Löfberg"
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 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.
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE,
PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY,
IN WHOLE OR IN PART, IN OR INTO THE
UNITED STATES.
SOURCE FireFox Gold Corp.