First MiningFinance Corp. said July 11 that it will raise C$16 million in anon-brokered private placement through the issuance of 20 million units at 80cents each.

Each unit consists of 1 common share and 0.5 of a commonshare purchase warrant, which entitles the holder to purchase 1 additionalcommon share at C$1.10 for a period of 36 months from the date of the closingof the placement.

Proceeds from the private placement will be used forpotential future property acquisitions, economic studies and resource estimateson the company's current projects, and for general working capital andcorporate purposes.