FireFox Announces Upsizing of Private Placement to $7,100,000
Rhea-AI Summary
FireFox Gold (OTCQB:FFOXF) upsized its non-brokered private placement to 11,833,333 units at $0.60 per unit for gross proceeds of up to $7.1 million. Each unit includes one share and half a warrant, exercisable at $0.90 for three years.
Proceeds are expected to fund drilling at the Mustajärvi and Sarvi projects, other exploration, working capital and general corporate purposes. Closing is targeted on or about June 9, 2026, subject to TSX Venture Exchange approval and other regulatory conditions.
Positive
- Private placement upsized to $7.1 million due to investor demand
- Issuance of 11,833,333 units at $0.60 per unit
- Three-year warrants exercisable at $0.90 may provide future capital inflow
- Proceeds allocated to Mustajärvi and Sarvi drill programs and exploration
- Insider participation expected in the financing
Negative
- Financing adds up to 11,833,333 new shares plus associated warrants
- Securities subject to four months plus one day hold period
- Transaction constitutes a related party transaction under MI 61-101
- Closing remains subject to TSX Venture Exchange and regulatory approvals
News Market Reaction – FFOXF
On the day this news was published, FFOXF gained 1.90%, reflecting a mild positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, BC / ACCESS Newswire / May 29, 2026 / FireFox Gold Corp. (TSX.V:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") is pleased to announce that further to its press release dated May 15, 2026, due to strong investor demand, it has upsized its previously announced private placement to 11,833,333 units of the Company (each a "Unit") at a price of
The net proceeds of the Offering are expected to fund a significant drill program at the Mustajärvi Project, as well as a return to drilling at the Sarvi project along with other exploration work, working capital and general corporate purposes. The Company plans to continue with the current drill program and expects to drill through the winter. The Offering is expected to close on or about June 9, 2026, (the "Closing Date") subject to certain conditions including, but not limited to, the approval of the TSX Venture Exchange (the "TSXV") and all other necessary regulatory approvals. The Shares, Warrants and Warrant Shares will be subject to a statutory hold period of four months plus one day from the Closing Date, in accordance with applicable securities legislation.
In connection with the Offering, the Company anticipates paying certain arm's length parties a cash finder's fee payment up to an agreed percentage, based on the Units that are sold to subscribers introduced by such parties.
It is expected that certain Insiders of the Company (as such term is defined under the policies of the TSXV), including certain directors, will participate in the Offering. The participation of Insiders in the Offering will constitute a "related party transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company intends to rely upon exemptions from the formal valuation and minority approval requirements of MI 61-101 based on a determination that the fair market value of the Offering, insofar as it involves the related parties, is not more than
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture Stock Exchange under the ticker symbol FFOX. FireFox also trades on the OTCQB Venture Market Exchange in the US under the ticker symbol FFOXF. The Company has been exploring for gold in Finland since 2017 where it holds a large portfolio of prospective ground.
Having a strong mining law and long mining tradition, Finland remains under explored 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.sedarplus.ca.
On behalf of the Board of Directors,
"Carl Löfberg"
Chief Executive Officer
CONTACT:
FireFox Gold Corp.
Email: info@firefoxgold.com
Telephone: +1-778-938-1994
Cautionary Notes
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of the content of this release.
This press release is intended for distribution in Canada only and is not intended for distribution to United States newswire services or dissemination in the United States.
This press release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Forward Looking Statements
Certain statements and information contained in this news release, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the terms and conditions of the Offering; the closing date for the Offering; and the anticipated use of net proceeds from the Offering, including any drilling and advancement of exploration work on the Mustajärvi Project and Sarvi Project. Often, but not always, forward-looking statements or information can be identified by the use of words such as "estimate", "project", "belief", "anticipate", "intend", "expect", "plan", "predict", "may" or "should" and the negative of these words or such variations thereon or comparable terminology are intended to identify forward-looking statements and information. With respect to forward-looking statements and information contained herein, the Company has made numerous assumptions including among other things, assumptions about general business and economic conditions and the price of gold and other minerals. The foregoing list of assumptions is not exhaustive.
Although management of the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. These factors include, but are not limited to: risks relating to the Company's financing efforts; business and economic conditions in the mining industry generally; changes in world commodity markets and equity markets; the supply and demand for labour and other project inputs; changes in interest and currency exchange rates; changes in government and changes to regulations affecting the mining industry; risks relating to inaccurate geological and engineering assumptions; risks relating to unanticipated operational difficulties; risks relating to adverse weather conditions; and potential delays to exploration activities.
The forward-looking statements contained herein represent the expectations of the Company 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. The Company does not undertake to update this information at any particular time except as required in accordance with applicable laws.
SOURCE: FireFox Gold Corp
View the original press release on ACCESS Newswire