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VANCOUVER, Nov. 20, 2019 /CNW/ - FireFox Gold Corp. ("FireFox" or the "Company") (TSXV: "FFOX") announces that the Company has completed the previously announced issuance of shares in exchange for drilling services. FireFox entered into an agreement for services with Oy Kati Ab Kalajoki ("Kati"), an arm's length party, pursuant to which the Company has now issued common shares of the Company in full satisfaction of drilling services provided by Kati in Northern Finland (the "Shares for Services").
Under the agreement, the deemed price of the common shares to be issued was to be calculated using the closing price of the Company's common shares on the first trading day after the last date on each invoice in which Services are provided to the Company.
The Company has now received invoices from Kati for all work performed and has issued an additional 1,959,300 common shares with a value of approximately $0.124 per share in settlement of invoices totaling $243,309 in this tranche. This brings the total number of shares issued under the agreement to 2,524,400 with a value of $332,906, for a value of approximately $0.132 per share. There are no further issuances of shares contemplated under the agreement.
The second tranche of securities will be subject to a four month hold period expiring March 20, 2020. This issuance of shares is subject to the final acceptance of the TSX Venture Exchange. Conditional acceptance for the share issuance has been granted.
About FireFox Gold Corp.
FireFox Gold Corp is listed on the TSX Venture stock exchange under the ticker symbol FFOX. The Company is focused entirely on gold exploration in Finland where it is exploring its project portfolio that includes over 150,000 hectares of prospective ground.
Finland is one of the top mining investment jurisdictions in the world as indicated by its multiple top-10 rankings in recent Fraser Institute Surveys of Mining Companies. Having a strong mining law and long mining tradition, Finland remains underexplored for gold. Recent exploration results in the country have highlighted its prospectivity, and FireFox is proud to have a Finland based CEO and technical team.
For more information concerning the Company, please refer to the Company's profile on the SEDAR website at www.sedar.com.
On behalf of the Board of Directors,
Chief Executive Officer
Neither 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.
Forward Looking Statements
The information in this news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. Forward-looking statements in this release may include statements regarding: the current drill program, including the expected number, depth, location, and direction of the drill holes; the timing of assay results; and possible extensions of mineralization along with its thickness and quality. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary. The forward-looking statements contained in this press release represent the expectations of FireFox as of the date of this press release and, accordingly, are subject to change after such date. Readers should not place undue importance on forward-looking statements and should not rely upon this information as of any other date. FireFox does not undertake to update this information at any particular time except as required in accordance with applicable laws.
It should also be noted that while FireFox's properties are sometimes adjacent to or nearby operating or historic gold mines or active gold projects being advanced by other companies, the mineralization on properties nearby FireFox's land packages is not necessarily indicative of mineralization on FireFox's properties.
SOURCE FireFox Gold Corp.
For further information: FireFox Gold Corp., Email: [email protected], Telephone: 604-558-7687