FireFox Gold raises $3.8M in first tranche of private placement

FireFox Gold Corp. (TSXV: FFOX) (OTCQB: FFOXF) closed the first tranche of its non-brokered private placement, raising gross proceeds of $3,789,100 through the issuance of 94,727,500 units at $0.04 per unit.

Each unit consists of one common share and one warrant exercisable at $0.06 per share for three years. The company plans to complete the second tranche on or around August 15, 2025, bringing the total offering to $7 million.

Company insiders purchased 13,875,000 units in the first tranche. The transaction qualified for exemptions from formal valuation and minority shareholder approval requirements as the fair market value did not exceed 25% of the company's market capitalization.

FireFox Gold paid $88,186 in finder's fees and issued 2,189,650 finder's warrants exercisable at $0.06 for three years in connection with the first tranche.

The company intends to implement a 10-for-1 share consolidation on or around August 15, 2025, subject to TSX Venture Exchange approval. The board approved the consolidation in February 2025.

Proceeds will fund mineral exploration and related expenditures on the company's projects in northern Finland, along with general working capital. The shares are subject to a four-month-plus-one-day statutory hold period under Canadian securities legislation.

FireFox Gold has been exploring for gold in Finland since 2017 and maintains a portfolio of prospective ground in the country. The completion of the private placement requires final TSXV approval.

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