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Fireweed Announces Raising Previously Announced Offering to $35 Million, Canadian Business Journal

Not intended for distribution to US news wire services or for distribution within the US

VANCOUVER, British Columbia, November 30, 2022 (GLOBE NEWSWIRE) — FIREWEED METALS CORP. (“Fireweed” or the “Company”) (TSXV: FWZ; OTCQB: FWEDF, formerly known as Fireweed Zinc Ltd. ) is happy to announce. The previously announced funding was matched by strong investor interest and a private placement (“Recruitment”) was increased to a total of up to $35 million.

offering

The offering consists of three parts totaling $34,926,240 as follows:

  1. 31,180,757 shares of the Company (“Shares”) at a price of $0.74 CAD per share.
  2. 4,877,818 shares of flow-through common stock at CAD $0.88 per share (“Flow-Through Shares”).When
  3. 6,300,000 shares of our flow-through common stock at a price of CAD$1.20 per share (“Premium Flow-Through Shares”) through a charitable donation arrangement.

Proceeds from the offering will be used for exploration and development of our projects in Northern Canada and for general working capital purposes. Gross proceeds from the issuance of all Flow-Thru Equity and Premium Flow-Thru Equity will be used in our zinc projects to incur Canadian Exploration Expenses (“CEE”) and qualify as “Flow-Thru Significant Mineral Expenditure” will be Income Tax Act (Canada). These costs will be waived by the Company to purchasers of Flow-Through and Premium Flow-Through Shares effective by December 31, 2022 in an aggregate amount not less than the proceeds raised from the issuance of Flow-Through Shares. . and premium flow-through shares.

Closing of the offering is subject to certain customary conditions, including but not limited to receipt of all necessary regulatory approvals and TSX Venture Exchange approval. All securities issued under the offering are subject to a statutory hold period of four months plus the day following the closing date.

About Fireweed Metals Corp. (TSXV: FWZ; OTCQB: FWEDF; FSE:20F): Fireweed Metals is a public mineral exploration company at the forefront of critical minerals project development. We have 3 projects in Northern Canada.

  • Macmillan Pass Zinc-Pb-Ag Project: Fireweed owns 100% of the 940 km of district size.2 The McMillan Pass Project in Yukon, Canada, is host to the Tom & Jason Zinc-Ag deposit with current mineral resources and PEA economic studies (see Fireweed news release dated 10).th January 23, 2018rd (details in report filed at www.sedar.com) and in the boundary zone, boundary zone west, Tom North zone, and end zone (significant zinc-lead-silver mineralization has been drilled but not yet classified as minerals). not). The project also includes a large block of adjacent claims, with known indications and significant potential exploration potential. An extensive 2022 drill program with four drills is now complete and analysis results will be published as they are received and interpreted.
  • Mactung Tungsten Project: We have a binding letter of intent to acquire a 100% interest in 37.6 km.2 The Makthung Tungsten Project adjacent to the Macmillan Pass Project. Mactung contains historic resources, making it one of the largest and finest untapped tungsten resources in the world. Located in Canada, it is one of the rare large-scale tungsten resources outside of China. Historical data due diligence and validation work, as well as relogging and sampling of historical drill cores, are ongoing and should support new mineral resource estimates.
  • Gaina Zinc-Lead-Gallium-Germanium Project: Fireweed owns 100% of 128.75 km.2 The Gayna River Project, located 180 kilometers north of the McMillan Pass Project. It is host to extensive and important mineral mineralization such as zinc, gallium, germanium, lead and silver, outlined by 28,000 meters of historic drilling and significant uplift potential. The 2022 Airborne LiDAR Topographic Survey and Ground Physics Field Program is now complete and the data is being interpreted towards his 2023 drill target definition.

In Canada, Fireweed (TSXV: FWZ) trades on the TSX Venture Exchange. In the US, Fireweed (OTCQB: FWEDF) is traded on the OTCQB venture market for early stage and developing US and international companies and is a DTC subject to enhanced electronic clearing and settlement. We are up to date reporting and undergo an annual verification and management certification process. Investors can find the company’s real-time quotes and market information at www.otcmarkets.com. In Europe, Fireweed (FSE: 20F) is traded on the Frankfurt Stock Exchange.

The technical information in this news release has been approved by George Gorzynski, P.Eng., Director and “Qualified Person” as defined in Canadian National Instrument 43-101.

Additional information about Fireweed and its projects can be found on the company’s websites at www.FireweedMetals.com and www.sedar.com.

On behalf of FIREWEED METALS CORP.

Brandon McDonald

CEO

Neither TSX Venture Exchange nor its regulated service providers (as those terms are defined in the TSX Venture Exchange Policy) are responsible for the adequacy or accuracy of this release.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of the Company in the United States. Our shares are not, and will not be, registered under the United States Securities Act of 1933, as amended (the “United States Securities Act”) or any state securities law, and are held in or against the United States. You may not solicit or sell Individuals, unless registered under United States securities laws and applicable state securities laws, or an exemption from such registration is available.

Notes

Forward-Looking Statements

This news release contains “forward-looking statements” and information (“forward-looking statements”). Forward-looking statements are not always, but are not always is often identified by the word , and similar expressions or descriptions. that an event, condition, or outcome “occurs,” “could,” “could,” or “should occur,” or be achieved. Forward-looking statements include, but are not limited to, statements regarding offerings, potential investors, use of proceeds, and potential for our projects. Forward-looking statements are based on the beliefs and assumptions made by our management and information currently available and reflect beliefs, opinions and projections as of the date the statements are made. doing. Because forward-looking statements involve various risks and uncertainties, readers are advised not to place undue reliance on forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those projected by such statements. Significant factors that may cause our operations to differ materially include exploration and development risks, spending and financing requirements, general economic conditions, changes in financial markets, and the availability of personnel appropriately and efficiently to our operations. including, but not limited to, the ability to placeworking capital and financial adequacy to continue operations, title matters, relations with indigenous peoples, operational hazards, political and economic factors, competitive factors, metal prices, relationships with vendors and strategic partners; Uncertainties associated with government regulation and oversight, permits, seasonality and weather, changes in technology, industry practices, interpretation of drilling results and geological tests, and one-off events. There is no guarantee (i) that we will be able to complete the Offering on the terms set forth above, or that there is no guarantee, or (ii) that the proceeds of the Offering will be spent as intended. We do not promise future updatesoutlook or futureView information, except as required by law.

contact:
Brandon McDonald
Phone: (604) 646-8361


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Fireweed Announces Raising Previously Announced Offering to $35 Million, Canadian Business Journal

Source link Fireweed Announces Raising Previously Announced Offering to $35 Million, Canadian Business Journal

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