VANCOUVER, BC, July 30,
2024 /CNW/ - First Nordic Metals
Corp. (the "Company" or "FNM") (TSXV: FNM)
(OTCQB: FNMCF) (Frankfurt: HEG0) is pleased to announce the
successful completion of the Company's warrant exercise incentive
program previously announced on July 11,
2024 (the "Incentive Program"), as well as the exercise of
additional Company warrants and stock options, providing aggregate
gross proceeds of $1,147,130 to FNM.
In total in July, the Company raised approximately $3.9M from warrants and stock options (see FNM
News Release dated July 10, 2024, for
additional information, in which $2.7M of this was previously announced).
Taj Singh, President and CEO
comments: "In the month of July, close to
$4 million of cash was raised for FNM
through the exercise of warrants and stock options. This is a
strong indicator of the investor support we have been able to build
on the new FNM story, and this puts us in a solid position to get
important exploration and drilling work done at our projects
through 2024 and into next year."
The proceeds of the Incentive Program warrants as well as the
additional Company warrants and stock options will be used for
exploration and development of the Company's projects and for
working capital purposes.
Incentive Program
A total of 1,774,558 common shares
in the capital of the Company (each a "Common Share") were
issued upon the exercise of 1,774,558 outstanding share purchase
warrants (the "Outstanding Warrants") permitted to
participate under the Incentive Program, providing gross proceeds
of $638,841 to FNM from the Incentive
Program (at $0.36 per Outstanding
Warrant).
For every Outstanding Warrant exercised, the holders of such
Outstanding Warrant received the one Common Share to which they
were otherwise entitled under the terms of the Outstanding Warrants
and one-half of one common share purchase warrant (each whole
warrant, an "Incentive Warrant"). Each Incentive Warrant
allows the holder to acquire one Common Share at an exercise price
of $0.40 for a period of two years
following the date of the issuance of the Incentive Warrant. A
total of 887,279 Incentive Warrants were issued pursuant to the
Incentive Program.
Holders of 3,161,558 Outstanding Warrants were eligible to
participate in the Incentive Program. For those holders of
Outstanding Warrants who chose not to participate in the Incentive
Program, such Outstanding Warrants will remain outstanding and
continue to be exercisable for Common Shares on their current terms
(including the amended exercise price of $0.36 per Outstanding Warrant) until their
applicable expiry date, at which time any Outstanding Warrants that
remain unexercised will expire and be cancelled pursuant to their
terms.
The Incentive Warrants issued pursuant to the Incentive Program,
and the Common Shares issuable on exercise thereof, are subject to
a hold period ending November 30,
2024.
Additional Warrants and Stock Options
Since
July 11, 2024 (after FNM News Release
of July 10, 2024, on warrants /
options update), in addition to funding from the Incentive Program,
FNM has raised $475,610 from stock
option exercises and an additional $32,679 from the exercise of other warrants not
included in the Incentive Program.
ABOUT FIRST NORDIC METALS
The Company's flagship
asset is the Barsele gold project, located in Sweden and in a joint venture with senior gold
producer Agnico Eagle Mines Limited. Immediately surrounding the
Barsele project, FNM is the 100%-owner of a district-scale license
position of close to 100,000 hectares on Gold Line Belt.
Additionally, in northern Finland FNM is the 100%-owner of a
district-scale position covering the entire Oijärvi Greenstone
Belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
President & CEO, Director
Follow First Nordic Metals:
Twitter: @fnmetals
Youtube: @firstnordicmetalscorp
LinkedIn: @firstnordicmetals
Facebook: @FirstNordicMetals
Instagram: @firstnordicmetals
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding Forward-Looking
Statements:
This release contains
"forward‐looking information" or "forward-looking
statements" within the meaning of Canadian securities laws, which
may include, but are not limited to statements relating to receipt
of TSXV acceptance of the Incentive Program and use of proceeds
from the Incentive Program. All statements in
this release, other than statements of historical
facts, that address events or developments that the Company expects
to occur, are forward-looking statements. Forward-looking
statements are statements that are not historical facts and are
generally, but not always, identified by the words "expects",
"plans", "anticipates", "believes", "intends", "estimates",
"projects", "potential" and similar expressions, or that events or
conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results may differ from those in the forward-looking statements.
Such forward-looking information reflects the Company's views with
respect to future events and is subject to risks, uncertainties and
assumptions. Such factors include, among other things: risks and
uncertainties relating to exploration and development, the ability
of the Company to obtain additional financing, the need to comply
with environmental and governmental regulations, fluctuations in
the prices of gold and other commodities, operating hazards and
risks inherent in the resource industry, competition and other
risks and uncertainties, including those described in the Company's
financial statements and/or management discussion and analysis
available on www.sedarplus.ca The Company does not undertake to
update forward‐looking statements or forward-looking
information, except as required by law.
SOURCE First Nordic Metals Corp.