FireFox Gold Closes $1.14m First Tranche Of Over-Subscribed Non-Brokered Private Placement
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. WIRE SERVICES
VANCOUVER, BC – (Nov 6, 2017) – FireFox Gold Corp. (“FireFox” or the “Company”) announces that it has completed the first tranche of a non-brokered private placement (the “Private Placement”) by issuing 3,815,669 common shares of the Company (“Shares”) at a purchase price of $0.30 per share for gross proceeds of $1,144,701. After announcing on October 18, 2017 that the initial $1,000,000 Private Placement was over-subscribed, the Company intends to complete a second tranche before November 10, 2017, which is expected to increase the total gross proceeds of the Private Placement to approximately $1,400,000.
It is worthy of note that certain officers and directors of the Company have participated in the Private Placement. The Company will also not be paying any finder’s fees in association with this Private Placement.
It is anticipated that the proceeds of the Private Placement will be used for general corporate purposes, working capital and exploration activities on FireFox’s gold exploration properties in Finland.
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.
About FireFox Gold Corp.
FireFox is a non-listed reporting issuer in British Columbia and Alberta focused entirely on gold exploration in Finland. The Company has entered into an option agreement with Magnus Minerals Ltd., a private prospect generator company in Finland, through which it has an option to acquire 100% interest in three projects (subject to a NSR royalty) that currently encompass approximately 60,000 hectares. In order to complete the option, the Company must invest CAD $2.5 million in exploration on the properties and make cash payments to Magnus of CAD $250,000 over a three year period (See Silverstone Resources Corp. news release dated Aug 2, 2017).
Finland is one of the top mining jurisdictions in the world as indicated by its 5th ranking in the 2016 Fraser Institute Survey 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 Lo fberg”
Chief Executive Officer
FireFox Gold Corp.
Forward Looking Statements
The information in this news release 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, 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 completion of the Private Placement and the timing thereof and the use of proceeds therefrom. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary. The forward-looking statements contained in this press release represent the expectations of FireFox as of the date of this press release 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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