First Mining Gold Corp. (TSX: FF) announced on September 17, 2026, that it has entered into a bought-deal agreement with a syndicate of underwriters to raise approximately $50 million through the issuance of common shares. The offering is priced at $0.84 per share, with proceeds earmarked for advancing the company's flagship Springpole and Duparquet gold projects. The transaction signals continued momentum for First Mining as it progresses two of Canada's largest gold development assets.

Key Points

  • First Mining Gold Corp. (TSX: FF, Frankfurt: FMG) announced a $50 million bought-deal share offering
  • 59,530,000 common shares priced at $0.84 each for aggregate gross proceeds of $50,005,200
  • Offering expected to close on or about September 24, 2026, subject to TSX and regulatory approvals
  • Investors may watch for closing confirmation and deployment of proceeds toward Springpole and Duparquet project advancement

Bought-Deal Structure and Underwriting Syndicate

The offering is led by co-lead underwriters and joint bookrunners Haywood Securities Inc., ATB Cormark Capital Markets, and National Bank Financial Inc., on behalf of a broader syndicate. Under the agreement, underwriters have committed to purchase 59,530,000 common shares at $0.84 per share. The underwriters have also been granted an over-allotment option to purchase up to an additional 15% of the offered shares at the same price, exercisable in whole or in part within 30 days of closing, which may be used to cover over-allotments and for market stabilisation purposes.

How First Mining Plans to Deploy the $50 Million in Proceeds

The release states that net proceeds from the offering will be directed toward advancing First Mining's Springpole Gold Project in northwestern Ontario and the Duparquet Gold Project in Quebec's Abitibi region, with the remainder allocated to general working capital and corporate purposes. Springpole received federal Environmental Assessment approval in June 2026, representing a significant regulatory milestone. Duparquet is described as a PEA-stage project situated on the Destor-Porcupine Fault Zone. The allocation of capital across these two assets reflects the company's dual-project development strategy.

Offering Terms, Distribution, and Closing Conditions

Common shares will be offered by prospectus supplement to the company's base shelf prospectus dated February 23, 2026, across Canadian provinces and territories excluding Quebec. The shares may also be offered via private placement in the United States and offshore jurisdictions under applicable exemptions. The offering is expected to close on or about September 24, 2026, subject to customary conditions including TSX approval. The shares have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States without registration or an applicable exemption.