- Firefox Gold upsizes private placement to $7 million, issuing up to 175 million units at $0.04 each.
- Proceeds to fund drilling programs at Mustajärvi and Sarvi projects, expected to start post-closing in August 2025.
- A 10-for-1 share consolidation to be implemented concurrently with the offering.
Firefox Gold Corp. (OTCQB: FFOXF) has announced an upsizing of its private placement, now totaling $7 million, increasing from its previously announced offering. The company plans to issue up to 175,000,000 units at a price of $0.04 per unit. This funding will support a significant drill program at the Mustajärvi Project and a return to drilling at the Sarvi Project, among other exploration activities.
The closing of the offering is anticipated around August 15, 2025, contingent upon receiving all necessary regulatory approvals, including from the TSX Venture Exchange (TSXV). Firefox Gold has secured drill rig availability to commence operations shortly after closing, with an expectation to conduct drilling through the winter months.
In conjunction with the private placement, Firefox Gold will implement a 10-for-1 share consolidation, an important structural change reflecting prior share price challenges. This regulatory measure is expected to streamline the company's share capital structure.
Company insiders, including several directors, are slated to participate in this offering. Their involvement classifies this as a related party transaction under Multilateral Instrument 61-101, however, Firefox Gold intends to utilize available exemptions pertaining to the formal valuation and minority approval requirements, given the offering’s fair market value concerning related parties is assessed not to exceed $2,500,000.
Firefox Gold has been actively exploring for gold in Finland since 2017, leveraging its extensive portfolio in one of the top mining investment jurisdictions globally. For more information, investors are encouraged to visit the company's website or the SEDAR+ portal.
