TORONTO, March 6,
2025 /CNW/ - First Nordic Metals Corp. (the
"Company" or "FNM") (TSXV: FNM) (OTCQB: FNMCF)
(Germany: HEG0) is pleased to announce its intent to complete a
brokered private placement of up to 2,329,193 Swedish depository
receipts ("SDRs"), a financial instrument issued by a Swedish bank
representing shares in a non-Swedish company, in conjunction with
its planned listing on the Nasdaq First North Growth Market
("Nasdaq First North") in Sweden.
Each SDR is underpinned by one common share of the Company
(each, a "Share"), at a price of SEK
3.22 per SDR (CA$ 0.45, assuming an exchange rate of
SEK 7.15 to CA$ 1.00) for aggregate
gross proceeds of up to SEK 7.5
million (CA$ 1.05 million) (the "Private Placement").
Certain Swedish investors have already provided subscription
commitments of approximately SEK 5.5
million of the Private Placement.
On March 5, 2025, the Company
received conditional approval for the listing of its SDRs on the
Nasdaq First North; FNM is undertaking the current Private
Placement to fulfil a requirement regarding a minimum number of SDR
holders (300) for listing. If FNM receives final approval to list
on the Nasdaq First North the first day for trading of the SDRs is
expected to be March 21, 2025.
The Company has the possibility to increase the Private
Placement by 776,398 SDRs, corresponding to additional gross
proceeds of SEK 2.5 million, if the
Private Placement is oversubscribed.
The net proceeds from the Private Placement will be used by the
Company for exploration at its properties in Sweden, as well as general working capital and
corporate purposes.
The Private Placement is directed to the public and
institutional investors in Sweden
and Finland. The Shares issued
pursuant to the Private Placement that are underpinning the SDRs
will be subject to a Canadian four-month and one day statutory hold
period from the closing of the Private Placement. A subscriber in
the Private Placement is not allowed to convert subscribed SDRs to
Shares during the hold period in Canada.
Subscription of SDRs in the Private Placement is made to DNB
Markets, a part of DNB Bank ASA, Sweden Branch ("DNB"), by completing the
electronic application form, available on Application - public in
Sweden - Form for Swedish
investors and on Application - public in Finland - Form for Finnish investors. The
application form is also available on DNB's website
(www.dnb.se/emission) and can be submitted by email to:
emissioner@dnb.se.
The Private Placement is expected to close on or about
March 12, 2025 and is subject to
certain closing conditions including, but not limited to, the
receipt of all necessary approvals including the conditional
approval of the TSX Venture Exchange ("TSXV"). The Private
Placement is also subject to final acceptance of the TSXV.
Augment Partners AB ("Augment") is acting as the financial
advisor to the Company in connection with the Private Placement. In
consideration for its services, the Company has agreed to pay
Augment a cash commission equal to 6% of the gross proceeds from
the Private Placement.
About First Nordic Metals
First Nordic Metals Corp. is a Canadian-based gold exploration
company, consolidating assets in Sweden and Finland, with a vision to create Europe's next gold camp. The Company's
flagship asset is the Barsele gold project in northern Sweden, a joint venture project with senior
gold producer Agnico Eagle Mines Limited. Immediately surrounding
the Barsele project, FNM is 100%-owner of a district-scale license
position comprised of two additional projects (Paubäcken,
Storjuktan), which combined with Barsele, total approximately
100,000 hectares on the Gold Line belt. Additionally, in northern
Finland, FNM is the 100%-owner of
a district-scale position covering the entire underexplored Oijärvi
greenstone belt, including the Kylmäkangas deposit, the largest
known gold occurrence on this belt.
ON BEHALF OF THE BOARD OF DIRECTORS
Taj Singh, M.Eng, P.Eng, CPA
CEO & Director
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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.
Important information
This press release may not be made public, published or
distributed, directly or indirectly, in or into Australia, Hong
Kong, Japan, New Zealand, Singapore, South
Africa, Switzerland or
the United States or any other
jurisdiction where such distribution would require registration or
other measures in addition to those required by Swedish law, is
prohibited, or otherwise is unlawful or cannot be made without the
application of an exemption from such action.
The publication, announcement or distribution of this press
release may, in certain jurisdictions, be subject to restrictions
and the recipients of this press release in jurisdictions where
this press release has been published or distributed shall inform
themselves of and follow such legal restrictions. The recipient of
this press release is responsible for using this press release, and
the information contained herein, in accordance with applicable
rules in each jurisdiction. This press release does not constitute
an offer, or a solicitation of any offer, to buy or subscribe for
any securities in the Company in any jurisdiction, neither from the
Company nor from someone else.
This press release is not a prospectus for the purposes of
Regulation (EU) 2017/1129 of the European Parliament and of the
Council of 14 June 2017 (the
"Prospectus Regulation") and has not been approved by any
regulatory authority in any jurisdiction.
This press release does not constitute or form part of an offer
or solicitation to purchase or subscribe for securities in
the United States. The securities
referred to herein may not be sold in the
United States absent registration or an exemption from
registration under the US Securities Act of 1933, as amended (the
"Securities Act"), and may not be offered or sold within
the United States absent
registration or an applicable exemption from, or in a transaction
not subject to, the registration requirements of the Securities
Act.
Actions taken in violation of this instruction may constitute a
crime against applicable securities laws and regulations.
Forward-looking Statements
This press release contains forward-looking statements that
reflect the Company's intentions, beliefs, or current expectations
about and targets for the Company's and the group's future results
of operations, financial condition, liquidity, performance,
prospects, anticipated growth, strategies and opportunities and the
markets in which the Company and the group operates.
Forward-looking statements are statements that are not historical
facts and may be identified by words such as "believe", "expect",
"anticipate", "intend", "may", "plan", "estimate", "will",
"should", "could", "aim" or "might", or, in each case, their
negative, or similar expressions. The forward-looking statements in
this press release are based upon various assumptions, many of
which are based, in turn, upon further assumptions. Although the
Company believes that the expectations reflected in these
forward-looking statements are reasonable, it can give no assurance
that they will materialize or that the assumptions on which it is
based are correct. Because these statements are based on
assumptions or estimates and are subject to risks and
uncertainties, the actual results or outcome could differ
materially from those set out in the forward-looking statements as
a result of many factors. Such risks, uncertainties, contingencies,
and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this
release by such forward-looking statements. The Company does not
guarantee that the assumptions underlying the forward-looking
statements in this press release are free from errors and readers
of this press release should not place undue reliance on the
forward-looking statements in this press release. The information,
opinions and forward-looking statements that are expressly or
implicitly contained herein speak only as of the date of this press
release and are subject to change without notice. Neither the
Company nor anyone else undertake to review, update, confirm or to
release publicly any revisions to any forward-looking statements to
reflect events that occur or circumstances that arise in relation
to the content of this press release, unless it is required by law
or Nasdaq First North Growth Market Rulebook for Issuers of
Shares.
SOURCE First Nordic Metals Corp.
