04:51 PM EDT, 09/19/2024 (MT Newswires) -- First Mining Gold ( FFMGF ) said Thursday it raising $12 million in a bought-deal offering of share units and a concurrent private placement.

The company is raising $7 million from the sale of 51.85-million units priced at $0.135 each to an underwriting syndicate, while granting an over-allotment option of an additional 15%.

The units are made up of a share and one half of a three-year warrant to buy a second share for $0.20.

The company said it also plans to complete a non-brokered private placement to raise up to $5 million. It did not say how many share units are being offered in the placement.

Proceeds from the offering will be used to further the company's Springpole and Duparquet gold projects and for general working capital and corporate purposes.

The deal with underwriters is set to close around Sept. 26, and the non-brokered offering is expected to close by Oct. 10, 2024, pending TSX approval.

The company's shares closed unchanged at $0.155 on the Toronto Stock Exchange.