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First Mining Corp. (TSX: FF) (OTCQX: FFMGF) (“First Mining” or the “Company”) is pleased to announce that it has entered into an agreement (the “Agreement”) with Sprott Resource Holdings Inc. (“Sprott”) under which Sprott will acquire from the Company a 2% net smelter return royalty (“NSR”) on the Goldlund property located in northwestern Ontario (the “Royalty”), for total consideration of C$9.5 million (the “Transaction”).
Pursuant to the terms of the Agreement, Sprott will pay to the Company an upfront cash payment of C$7.5 million and issue to the Company 1,875,000 common shares of Sprott (“Sprott Shares”) with a value of C$2 million, based on the 20-day volume weighted average price of the Sprott Shares on the Toronto Stock Exchange prior to the closing of the Transaction. The Company will retain a 1% NSR on the Goldlund property. The Transaction is expected to close on or
Group Media Publication
Construction, Infrastructure and Mining
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