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Firefox Gold closes C$2.1M IPO on TSX Venture Exchange

FireFox Gold Corp. said Dec. 21 that it has completed its previously announced C$2.1 million IPO.

The company's shares will start trading on the TSX Venture Exchange under the symbol FFOX, effective Dec. 27.

The offering comprised 5,275,000 units of the company, priced at 40 cents apiece. Each unit consists of 1 share and 0.5 of a share purchase warrant, exercisable to acquire an additional share for 60 cents by Dec. 21, 2020.

PI Financial Corp. acted as sole book runner and lead agent, while Canaccord Genuity Corp. and M Partners Inc. acted as agents for the offering. FireFox granted the agents an overallotment option amounting up to 15% of the offering, exercisable at the issue price for a period of 30 days following the closing of the IPO.

The company intends to use the net proceeds to fund exploration and development activities on its Mustajärvi and Jeesiö properties, as well as for general and administrative purposes, option payments and working capital requirements.

In late August, FireFox secured a definitive option to acquire about 46,039 hectares of mineral exploration reservations in Northern Finland from Magnus Minerals Ltd., which will bring the company's gold exploration portfolio to approximately 108,000 hectares.