FireFox Gold Closes Second and Final Tranche of Non-Brokered Private Placement and Completes Share Consolidation

Rhea-AI Summary

FireFox Gold (OTCQB:FFOXF) has successfully completed two significant corporate actions: a $7 million private placement and a 10:1 share consolidation. The private placement involved issuing 175 million pre-consolidation units at $0.04 each, with each unit comprising one common share and one warrant exercisable at $0.06 for three years.

Notable participants included new insider Concept Capital Corp, along with existing insiders Agnico Eagle Mines and Crescat Portfolio Management. Following the share consolidation, FireFox's outstanding shares were reduced to 38,327,225, with trading commencing on the TSXV at $0.55 per share. The proceeds will fund exploration activities at the company's Finnish projects: Mustajärvi, Jeesiö, and Sarvi.

Positive

• Raised significant capital of $7 million through private placement
• Strong insider participation with Agnico Eagle, Crescat, and new insider Concept Capital
• 78% of offering subscribed by new investors, indicating fresh interest
• Proceeds allocated to advance exploration projects in Finland

Negative

• Significant share dilution from 175 million new units issued
• Additional dilution from 4,987,500 shares and 7,383,650 warrants issued as finder's fees
• Share consolidation may indicate previous price weakness

VANCOUVER, BC / ACCESS Newswire / August 20, 2025 / FireFox Gold Corp. (TSXV:FFOX)(OTCQB:FFOXF) ("FireFox" or the "Company") announces, effective August 15, 2025 that, subject to regulatory acceptance, it has completed the second and final tranche of the non-brokered private placement (the "Private Placement") and the 10:1 share consolidation announced on July 15, 2025.

All numbers and prices in the paragraph below pertaining to the Private Placement are stated as pre-consolidation values.

FireFox has raised gross proceeds of $7,000,000 by issuing 175,000,000 units of the Company at a purchase price of $0.04 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.06 per share for a term of three years from the date of issuance. 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. Pursuant to this offering and before the effects of the share consolidation, the Company has issued and outstanding shares totaling 383,272,249.

The Company intends to use the proceeds of the Private Placement for mineral exploration and related expenditures on FireFox's Mustajärvi, Jeesiö, and Sarvi projects in northern Finland and general working capital.

The Company now recognizes a new insider, Concept Capital Corp. Certain directors and officers of the Company purchased a total of 1,375,000 units. Other insiders, namely Agnico Eagle Mines Limited ("Agnico"), Crescat Portfolio Management LLC ("Crescat") and Concept Capital Corp. ("Concept") purchased a total of 62,772,500 units. Specifically, Agnico exercised their participation right and acquired 19,022,500 units.

The placement to these insiders constitutes a "related party transaction" within the meaning of Multilateral Instrument 61- 101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSXV Policy 5.9 -- Protection of Minority Security Holders in Special Transactions. In connection with this related party transaction, the Company is relying on the formal valuation and minority shareholder approval exemptions of 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the portion of the Private Placement subscribed for by these insiders does not exceed 25 percent of the Company's market capitalization.

The Company also notes that new investors subscribed for 78% of this offering, totaling 90,927,500 units.

Immediately following the close of the Private Placement, the Company completed a 10-for-1 consolidation of its common shares (the "Share Consolidation"). The Share Consolidation was approved by the Company's board of directors pursuant to a resolution passed on February 25, 2025 and received TSXV approval. The Company's new issued and outstanding share total now stands at 38,327,225. FireFox's newly consolidated shares commenced trading on the TSX Venture Exchange (TSXV) on August 15, 2025 at $0.55 per share.

FireFox will pay fees and issue warrants to qualified finders totaling $102,046 in cash, 4,987,500 pre-consolidation shares in lieu of cash, and 7,383,650 finders warrants (pre-consolidation warrants), exercisable at a pre-consolidation price of $0.06 for 3 years from the date of issuance).

About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSXV 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.

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, please refer to the Company's website and profile on the SEDAR+ website at www.sedarplus.com.

On behalf of the Board of Directors,
"Carl Löfberg"
Chief Executive Officer

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

Forward Looking Statements
The information herein 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, the extent of work stoppage and economic impacts that may result from the COVID 19 virus, 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 expected total financing amounts, terms, and timeframe; and the current and future work program, including the extent and nature of exploration to be conducted in 2025. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary. The forward-looking statements contained herein represent the expectations of FireFox 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. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES.

SOURCE: FireFox Gold Corp

View the original press release on ACCESS Newswire

FAQ

What is the size and price of FireFox Gold's (FFOXF) private placement in 2025?

FireFox Gold raised $7 million by issuing 175 million pre-consolidation units at $0.04 per unit, with each unit including one share and one warrant exercisable at $0.06 for three years.

How did FireFox Gold's (FFOXF) share consolidation affect its outstanding shares?

The 10:1 share consolidation reduced FireFox Gold's outstanding shares from 383,272,249 to 38,327,225, with post-consolidation trading beginning at $0.55 per share on August 15, 2025.

Who were the major investors in FireFox Gold's (FFOXF) 2025 private placement?

Major investors included Agnico Eagle Mines (exercising participation rights), Crescat Portfolio Management, and new insider Concept Capital Corp, collectively purchasing 62,772,500 units.

How will FireFox Gold (FFOXF) use the proceeds from the 2025 private placement?

The proceeds will fund mineral exploration and related expenditures at FireFox's Finnish projects: Mustajärvi, Jeesiö, and Sarvi, as well as general working capital.

What are the terms of the warrants issued in FireFox Gold's (FFOXF) private placement?

The warrants are exercisable at $0.06 per share (pre-consolidation price) for a three-year term from the date of issuance.