VANCOUVER, BC, March 5, 2021 /CNW/ – First Energy Metals Ltd. (CSE: FE) (“First Energy” or the “Company) is pleased to announce that it has closed a non-brokered private placement for aggregate gross proceeds of $1,550,000 (the “Offering “). The Offering consisted of the sale of $960,000 flow-through units (“FT Units “) by way of issuing 4,000,000 shares at $0.24 per FT Unit and the sale of $590,000 hard dollar units (“HD Units “) by way of issuing 2,950,000 shares at $0.20 per HD Unit.
Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share at a price of $0.40 for a period of two years from the issue date. A finder’s fee of 8% will be paid in connection with the above noted private placement consisting of $ 106,367.43 cash and 198,161 finder’s warrants. EMD Financial acted as advisor and finder to the transaction.
Final closing of the transaction and private placement is subject to obtaining all required approvals, including from the CSE, and any other regulatory approval. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation.
First Energy intends to use the net proceeds from the offering to finance exploration work on its Augustus Lithium Property, along with general working capital purposes.
About First Energy Metals Limited.
First Energy Metals is a Canadian mineral exploration company with a primary focus of acquiring a multicommodity mineral property portfolio. Its goal is to identify, acquire and explore North American mineral prospects in the precious metal, base metal and industrial metals sector.
The company’s strategy is to:
- Acquire and advance projects through prospecting and early-stage exploration.
- Source joint venture partners to finance future exploration and project development.
- Create shareholder value through exploration success.
First Energy will continue to add to its multicommodity portfolio through organic acquisitions of new projects and opportunities with the intention of adding value and projects over time.