Firefox Gold Closes First Tranche of Non-Brokered Private Placement

VANCOUVER, BC / ACCESSWIRE / October 7, 2022 / FireFox Gold Corp. ("FireFox" or the "Company") announces, effective October 6, 2022 that, subject to regulatory acceptance, it has completed the first tranche of the non-brokered private placement (the "Private Placement") announced on September 21, 2022. The Company expects additional subscribers to join the financing, so it has elected to keep the Private Placement open for a second tranche. FireFox expects to complete the second tranche on or about October 21, 2022.

In this first tranche, the Company has raised total gross proceeds of $486,000 by issuing 4,860,000 units of the Company at a purchase price of $0.10 per unit. Each unit consists of one common share of the Company and one-half common share purchase warrant, with each whole warrant being exercisable to acquire one additional common share of the Company at an exercise price of $0.18 per share for a term of two years from the date of issuance. The Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation.

The Company intends to use the proceeds of the Private Placement on general working capital, drilling on the Mustajärvi project, and exploration activities on other gold exploration properties in Finland.

Certain directors, officers and other insiders of the Company purchased or acquired direction and control over a total of 250,000 units under the private placement. The placement to those persons constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 101 in respect of related party participation in the placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involved the related parties, exceeded 25% of the Company's market capitalization (as determined under MI 61-101).