First Nordic Metals

First Nordic Raises $3.9M during July from Warrants and Options

First Nordic Raises $3.9M during July from Warrants and Options

July 30, 2024
Regulatory

Vancouver, BC – July 30, 2024 – First Nordic Metals Corp. (the “Company” or “FNM”) (TSX.V: 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


For further information contact:
Alicia Ford
Business Development Manager
Phone: 604-687-8566
Email: [email protected]


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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.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains statements which constitute “forward-looking information” within the meaning of applicable securities laws, including statements regarding the terms and conditions of the Arrangement, timing for the hearing for the final order of the Supreme Court of British Columbia to approve the Arrangement and the timing and ability of Gold Line to complete the Arrangement. Forward-looking information is often identified by the words “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or similar expressions.

Investors are cautioned that forward-looking information is not based on historical facts but instead reflect Gold Line’s respective management’s expectations, estimates or projections concerning future results or events based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made. Although Gold Line believes that the expectations reflected in such forward-looking information are reasonable, such information involves risks and uncertainties, and undue reliance should not be placed on such information, as unknown or unpredictable factors could have material adverse effects on future results, performance or achievements of Gold Line. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information are the following: the ability to obtain necessary approvals in respect of the Arrangement, the ability to consummate the Arrangement,; the ability to obtain requisite court approvals and the satisfaction of other conditions to the consummation of the Arrangement on the proposed terms and schedule; the potential impact on exploration activities; the potential impact of the announcement or consummation of the Arrangement on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; the re-rating potential following the consummation of the Arrangement; changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws; compliance with extensive government regulation; and the diversion of management time on the Arrangement. This forward-looking information may be affected by risks and uncertainties in the business of Gold Line and market conditions. This information is qualified in its entirety by cautionary statements and risk factor disclosure contained in filings made by Gold Line with the Canadian securities regulators, including Gold Line’s financial statements and related management’s discussion and analysis for the financial year ended December 31, 2022 and its interim financial reports and related management’s discussion and analysis for the period ended September 30, 2023 filed with the securities regulatory authorities in certain provinces of Canada and available at www.sedarplus.ca.

Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking information prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Gold Line has attempted to identify important risks, uncertainties and factors which could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended, and do not assume any obligation, to update this forward-looking information except as otherwise required by applicable law.

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.