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First Mexican Gold Corp. Announces Consolidation and Private Placement of Common Shares
Toronto, Ontario--(Newsfile Corp. - August 27, 2019) - First Mexican Gold Corp (TSXV: FMG) (the "Company") announces that it intends to consolidate its common shares ("Common Shares") on a ten (10) for one (1) basis (the "Consolidation"). The Consolidation will reduce the number of outstanding Common Shares from 81,844,360 to approximately 8,184,436. No fractional Common Shares will be issued pursuant to the Consolidation and any fractional Common Shares that would otherwise be issued shall be rounded down to the nearest whole number. The change in the number of issued and outstanding Common Shares that will result from the Consolidation will not materially affect any shareholders percentage ownership in the Company, although such ownership will be represented by a smaller number of Common Shares.
The Company further announces that it proposes to complete a private placement offering, on a post-Consolidation basis, of up to 6,666,666 Common Shares at a price of $0.075 per Common Share, for gross proceeds of up to $500,000 (the "Offering").
Finder's fees may be payable to certain individuals (the "Finder") pursuant to which the Finder may receive a cash commission and finder warrants ("Finder Warrants"). Each Finder Warrant entitling the Finder to purchase one Common Share at a price of $0.075 for a period of twenty-four (24) months from the date of closing of the Offering.
The net proceeds from the Offering will be used for general working capital purposes. The closing of the Offering is anticipated to take place on or about September 30, 2019, or such other later date as the Company may agree.
The Consolidation and the closing of the Offering remain subject to final approval by the TSXV.
For further information please contact:
Jim Voisin, President & CEO
First Mexican Gold Corp
Tel: 519 699 5352
Email: [email protected]
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