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First Mining announce closing of acquisition of Duparquet Gold project

Published by , Editorial Assistant
Global Mining Review,

First Mining has announced that it has completed the previously announced acquisition of all the issued and outstanding common shares of Beattie Gold Mines Ltd (Beattie Gold) that were not already owned by First Mining. In addition, First Mining has also concurrently completed the acquisitions of 2699681 Canada Ltd and 2588111 Manitoba Ltd. As a result, First Mining now owns 100% of the Duparquet Gold project located in Quebec, Canada.

The total consideration of the Beattie Offer and the concurrent transaction was US$8 727 177 in cash and the issuance of 69 127 820 common shares of First Mining for a total transaction value of approximately US$24 million – based on the 20 trading days volume weighted average price for First Mining’s common shares, as of the last trading day prior to the company’s initial announcement regarding these transactions on 18 July 2022.

“We are very pleased to announce the completion of this transformational acquisition of the Duparquet Gold Project. Since the announcement, First Mining has been very active at the project as demonstrated by the recent updated Duparquet mineral resource estimate,” stated Dan Wilton, CEO of First Mining. “We look forward to working together with the local municipality and indigenous communities, and the province to advance this top tier mining project in Quebec.”

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