First Legacy Mining Completes IPO and Announces Listing on the TSX Venture Exchange
Vancouver, British Columbia – January 19, 2018: First Legacy Mining Corp. (the “Company”) is pleased to announce that it has completed its initial public offering (“IPO”) of 4,000,000 common shares, at a price of $0.15 per share (the “Issue Price”), for aggregate gross proceeds of $600,000. The TSX Venture Exchange (the “TSXV”) has accepted the Company’s listing application as of January 18, 2018 (the “Listing Date”) and the Company’s common shares (the “Shares”) are expected to commence trading on the TSXV on or about January 23, 2018 under the trading symbol “FLM”.
PI Financial Corp. (the “Agent”) acted as exclusive agent in respect of the IPO on a commercially reasonable efforts basis. The IPO consisted of the distribution of 4,000,000 Shares at the Issue Price. Pursuant to the IPO, the Agent received a cash commission and an aggregate of 400,000 nontransferable compensation options entitling the Agent and members of its selling group to purchase 400,000 Shares at $0.25 per Share at any time until January 19, 2020. The Agent also received a corporate finance fee.
The net proceeds of the IPO will primarily be used to fund the acquisition of and exploration expenditures on the the 29 mineral claims comprising a total of approximately 1,626.08 hectares, located in the Township of Duplessis, approximately 215km north-east of Val-d’Or, Québec (the “Lac Burge Property”) which the Company has under option from La Croix Mineral Exploration Ltd., as well as general and administrative costs for the next twelve months, and for general working capital requirements.
As a result of the closing of the IPO, the Company now has 12,950,000 Shares issued and outstanding, of which 4,500,000 Shares are subject to escrow, to be released 10% on the Listing Date with an additional 15% released every six months over a 36-month period. An additional 2,800,000 Shares are subject to resale restrictions under the TSXV seed share resale matrix, to be released 20% on the Listing Date with an additional 20% released every month thereafter over a four-month period.
Additional information on the Company, the IPO and the Lac Burge Property, can be found in the Company’s amended and restated final long form prospectus dated October 31, 2017 as filed on SEDAR at www.sedar.com.
About First Legacy Mining Corp.: First Legacy Mining Corp. is a mineral exploration company focused on the acquisition, exploration and development of mineral resource properties. The Company has an option to acquire a 100% interest and title to the Lac Burge Property located in the Township of Duplessis, approximately 215km north-east of Val-d’Or, Québec.
Contact Information - For more information, please contact:
Max Sali, Chief Executive Officer Tel: (604) 367-8117 Email: [email protected]
The securities offered pursuant to the IPO have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Forward-Looking Statements
This press release contains “forward‐looking information” within the meaning of Canadian securities laws, which may include, but are not limited to statements relating to the date of first trading in the Company’s Shares and its future business plans. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, fluctuations in metal and commodity prices, market prices, failure to obtain permits, and continued availability of capital and financing, and general economic, market or business conditions. In particular, there is no guarantee that exploration work, as proposed, or otherwise, will be completed on the Lac Burge Property. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including those set out in the Company’s amended and restated final long form prospectus dated October 31, 2017 and filed under the Company’s profile on SEDAR at www.sedar.com. The Company does not undertake to update forward‐looking statements or forward‐ looking information, except as required by law. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.