First Mining Gold unveils plans to raise nearly $20 million to advance Canadian gold projects

First Mining Gold Corp (TSE:FF) (OTCQX:FFMGF) announced plans to raise $20 million to fund exploration and development at its portfolio of Canadian gold projects. The Vancouver-based company said the bought deal would be led by Cormark Securities Inc on behalf of a syndicate of underwriters, which will purchase 40 million units priced at $0.50 per unit. Each unit consists of one share and one-half of one warrant exercisable at $0.70 for a two-year period following the offering’s close. READ: First Mining Gold says its earn-in partner at Pickle Crow has already completed required initial exploration spend In addition, First Mining gave the underwriters an option to sell an additional 6 million units, which would net the company another $3 million and boost the financing’s total proceeds to $23 million. Additional proceeds from the offering will go towards potential acquisitions, working capital and general corporate purposes, the firm said in a statement. The offering is expected to close by August 26. Contact Angela at angela@proactiveinvestors.com Follow her on Twitter @AHarmantas