Firefox Gold Announces Completion of Shares for Debt Transaction

Rhea-AI Summary

FireFox Gold Corp. (FFOXF) has completed a share issuance in exchange for drilling services rendered by Oy Kati Ab Kalajoki. A total of 1,056,997 common shares were issued at a value of $0.15 per share, settling invoices worth $158,549. The shares are subject to a four-month hold period ending on November 19, 2022, pending final acceptance from the TSX Venture Exchange. FireFox continues to explore gold in Finland, a top mining jurisdiction, since 2017.

Positive

• Completed issuance of 1,056,997 common shares for drilling services.
• Valued shares at $0.15, fulfilling invoices of $158,549.
• Subject to final acceptance from TSX Venture Exchange, ensuring compliance.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / July 26, 2022 / FireFox Gold Corp. ("FireFox" or the "Company") (TSXV:FFOX) announces that the Company has completed the previously announced issuance of shares in exchange for drilling services. FireFox entered into an agreement for services with Oy Kati Ab Kalajoki ("Kati"), an arm's length party, pursuant to which the Company has now issued common shares of the Company in full satisfaction of drilling services provided by Kati in Northern Finland (the "Shares for Services").

The Company has received invoices from Kati for work performed to March 31, 2022 and under the Agreement has issued 1,056,997 common shares to Kati with a value of $0.15 per share in settlement of invoices totaling $158,549.

The securities will be subject to a four month hold period, expiring November 19, 2022. The Shares for Services arrangement is subject to the final acceptance of the TSX Venture Exchange. Conditional acceptance for the share issuance has been granted.

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 huge portfolio 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 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 Löfberg"
Chief Executive Officer

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CONTACT:

FireFox Gold Corp.
Email: info@firefoxgold.com
Telephone: 778-938-1994

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 current drill program, including the expected number, depth, location, and direction of the drill holes; the timing of assay results; and possible extensions of mineralization along with its thickness and quality. 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.

SOURCE: FireFox Gold Corp

View source version on accesswire.com:
https://www.accesswire.com/709742/Firefox-Gold-Announces-Completion-of-Shares-for-Debt-Transaction

FAQ

What is the significance of FireFox Gold's recent share issuance?

FireFox Gold issued 1,056,997 common shares to settle $158,549 in drilling services, showcasing its financial strategy.

What is the hold period for the newly issued shares of FireFox Gold?

The newly issued shares are subject to a four-month hold period, expiring on November 19, 2022.

What drilling services agreement did FireFox Gold enter into?

FireFox Gold entered into an agreement with Oy Kati Ab Kalajoki for drilling services to support its operations in Finland.

How does the share issuance impact FireFox Gold's financials?

The share issuance fulfills financial obligations without immediate cash outflow, impacting liquidity positively.

What is the trading status of FireFox Gold on the stock exchanges?

FireFox Gold trades on the TSX Venture Exchange under the ticker FFOX and on OTCQB as FFOXF.