First Gold Exploration Inc. announces the closing of non-brokered private placement with MineralFields Group for a total of $400,000, detailed as follows:
The Company issued 1,860,464 flow-through units at a price of $0.215 per Unit. Each Unit is comprised of one flow-through common share and one-half of a non-flow-through share purchase warrant, a whole warrant entitling its holder to purchase an additional common share at an exercise price of $0.30 per share until December 31, 2011. In connection with the Offering, the Company issued 74,418 common shares at a price of $0.215 per share in payment of a finder's fee ($16,000) and issued, as additional compensation, 186,046 non-transferable unit purchase options (the Unit Options) exercisable at a price of $0.215 per Unit Option until December 31, 2011. Each Unit Option is comprised of one common share and one-half of a share purchase warrant, each warrant having the same terms and conditions as the warrants comprising the Units.
All securities issued pursuant to the Offering are subject to a regulatory hold period ending May 1st, 2010.
The proceeds of this private placement will be used for exploration expenses on its Quebec projects.