First Mining Gold closes $12 million over-subscribed public offering

VANCOUVER - First Mining Gold Corp. (TSX:FF) (OTCQX:FFMGF), currently trading at $4.07 with a market capitalization of $178.28 million, announced Tuesday the closing of its over-subscribed public offering of 66,670,000 units at $0.18 per unit, raising gross proceeds of $12,000,600.

The offering was completed through a syndicate of placement agents under an agency agreement dated July 16, 2025. Each unit consists of one common share and one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one common share at $0.27 per share for 36 months following the closing date. According to InvestingPro analysis, First Mining maintains a strong liquidity position with a current ratio of 4.7, indicating robust short-term financial health.

The public offering was conducted via a prospectus supplement dated July 16, 2025, to the company’s base shelf prospectus dated January 23, 2024, in Canadian provinces and territories excluding Quebec.

According to the company’s statement, proceeds will be used to advance First Mining’s Springpole and Duparquet gold projects, along with general working capital and corporate purposes. InvestingPro data reveals the company holds more cash than debt on its balance sheet, positioning it well for these development initiatives. Unlock 12+ additional exclusive insights and detailed financial metrics with InvestingPro to make more informed investment decisions.

First Mining is developing two major Canadian gold projects: the Springpole Gold Project in northwestern Ontario, which is undergoing a feasibility study with an Environmental Impact Statement submitted in November 2024, and the PEA-stage Duparquet Gold Project in Quebec’s Abitibi region.

The company also owns the Cameron Gold Project in Ontario and holds interests in the Pickle Crow Gold Project and Hope Brook Gold Project, which are being advanced through partnerships with other mining firms.

The units offered have not been registered under the U.S. Securities Act of 1933 and are not available for sale in the United States without registration or an exemption from registration requirements, according to the press release statement.

In other recent news, FutureFuel Corp. has announced it will temporarily halt its biodiesel production. The decision comes after fulfilling its current contractual obligations by the end of June. This move is attributed to the uncertainty surrounding the Clean Fuel Producers Tax Credit, known as IRA 45Z. This tax credit was meant to replace the expired $1 per gallon Blenders Tax Credit. Despite the Environmental Protection Agency’s recent proposals to increase biomass-based diesel mandates, FutureFuel has decided to idle production. The company has not specified how long this suspension will last. These developments indicate the challenges faced by companies in the biodiesel industry due to shifting regulatory frameworks.

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