/NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S.
WIRE SERVICES/
VANCOUVER, BC, Oct. 13, 2020 /CNW/ - FireFox Gold Corp.
("FireFox" or the "Company") announces that it intends to raise up
to $2,000,000 by way of a
non-brokered private placement (the "Private Placement"). The
Private Placement will consist of up to 11,111,111 units of the
Company ("Units") at a price of $0.18
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 $0.27 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
68.9 million shares outstanding, 31.0 million warrants, and 6.2
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 October 23, 2020. The Company expects
to pay finder's fees in association with 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 170,000
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, please refer to the Company's website and
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 amount and timing of the current
financing, 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.
SOURCE FireFox Gold Corp.