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August 15, 2022 – Vancouver, Canada – First Mining Gold Corp. (“First Mining” or the “Company”) (TSX: FF) (OTCQX: FFMGF) (FRANKFURT: FMG) is pleased to provide an update regarding its offer (“Beattie Offer”) to acquire all of the issued and outstanding common shares of Beattie Gold Mines Ltd. (“Beattie Gold”) as previously announced on July 18, 2022.
Prior to making the Beattie Offer, First Mining had received signed, irrevocable lock-up agreements from shareholders of Beattie Gold holding, in aggregate, 1,358,652 common shares of Beattie Gold (the “Lock Up Shares”) representing 72.3% of the outstanding common shares of Beattie Gold (excluding common shares of Beattie Gold already owned by First Mining or its wholly-owned subsidiary, Clifton Star Resources Inc. (“Clifton Star”)). All Lock Up Shares have now been tendered and deposited, and together with the common shares of Beattie Gold already owned by First Mining, both directly and indirectly through Clifton Star, First Mining will own 97.6% of the outstanding common shares of Beattie Gold upon acquiring the Lock Up Shares.
The condition in the Beattie Offer that there be deposited under the offer, and not withdrawn, at least 464,643 of the outstanding common shares of Beattie Gold has now been satisfied. In addition, First Mining has also entered into binding share purchase agreements to acquire the issued and outstanding common shares of 2699681 Canada Ltd. (“269 Canada”) and 2588111 Manitoba Ltd. (together, the Concurrent Transactions”). As a result, the remaining condition of the Beattie Offer relating to the completion of the acquisition of the outstanding common shares of 269 Canada will be satisfied when the Beattie Offer and the Concurrent Transactions close, which is expected to be September 15, 2022 (the “Closing Date”).
First Mining expects the remaining 2.4% of the outstanding common shares of Beattie Gold to be tendered and deposited by September 9, 2022, and accordingly, First Mining expects that it will own 100% of the outstanding common shares of Beattie Gold, in addition to 100% of the outstanding common shares of 269 and 258811 Manitoba Ltd., following completion of the Beattie Offer and the Concurrent Transactions on the Closing Date.
About First Mining Gold Corp.
First Mining is a gold developer advancing a portfolio of gold projects in Canada, with our most advanced project being the Springpole Gold Project in northwestern Ontario, which is one of the largest undeveloped gold projects in Canada, and where we have commenced a Feasibility Study and permitting activities are on-going with a draft Environmental Impact Statement (“EIS”) for the project submitted in June 2022. First Mining also owns the Cameron, Duparquet, Duquesne and Pitt gold projects, all advanced-stage gold projects in Ontario (in the case of Cameron) and Québec. Our portfolio of gold project interests also includes the Pickle Crow gold project (being advanced in partnership with Auteco Minerals Ltd.), the Hope Brook gold project (being advanced in partnership with Big Ridge Gold Corp.), an equity interest in Treasury Metals Inc., and a portfolio of 21 gold royalties.
First Mining was established in 2015 by Mr. Keith Neumeyer, founding President and CEO of First Majestic Silver Corp.
ON BEHALF OF FIRST MINING GOLD CORP.
Daniel W. Wilton
Chief Executive Officer and Director
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