08:13 AM EST, 11/20/2025 (MT Newswires) -- First Mining Gold Corp. ( FFMGF ) entered Thursday into a definitive amalgamation agreement to sell its wholly-owned subsidiary, Cameron Gold Operations Ltd., which owns the Cameron Gold Project to Oronova Energy Inc. (ONV-H.V) for total consideration C$27 million comprised of C$5 million in cash, 80,000,000 common shares of Oronova, and a future cash payment of at least C$2 million.

Following the closing of the transaction, a statement noted, Oronova will be renamed to Seva Mining Corp., with First Mining to be its largest shareholder and supported by the Fiore Group. First Mining will have the right to nominate two directors to the Seva board.

Dan Wilton, CEO of First Miningm said: "The Fiore Group has a strong track record of creating shareholder value, with a focus and demonstrated success in building meaningful relationships and partnerships with Indigenous communities in Canada. This transaction will put in place a dedicated team which will be well funded to advance the project, benefitting the local and Indigenous communities around the Cameron Project."

Prior to the completion of the transaction, and subject to TSXV approval, Oronova intends for NewCo to complete a non-brokered private placement of up to 60 million shares at a price of $0.25 per NewCo Share for total gross proceeds of up to $15 million. Upon completion of the offering and transaction, First Mining is expected to own approximately 48% of Seva.

The proceeds of the offering will be used to fund the exploration and advancement of the Cameron Project, to pay transaction costs and expenses, and to provide general working capital.

Closing of the transaction is subject to customary conditions for a transaction of this nature, including the approval of the TSXV and completion of the offering, and is expected to close in Q1 2026.