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Today's New Pick Is…
First Mining Finance Corp. (symbol: FFMGF)
Good Morning,
FFMGF has so far reached a day high of 0.58 after opening the day’s trading at 0.57. Volatility levels are rising and so far more than 726K shares have changed hands. This is still developing though so the 1.3% intraday gains so far can be added to. In fact, we believe that FFMGF can do a whole lot better than 1.3% and we have the proof just below…
First Mining Completes Transaction With Tamaka Gold Corporation
FFMGF recently announced the successful completion of the previously announced amalgamation with Tamaka Gold Corporation, a privately held mineral exploration company which owns the Goldlund project located in northwestern Ontario.
As a result of the Transaction, Tamaka has become a wholly-owned subsidiary of First Mining and the shareholders of Tamaka received an aggregate of approximately 92.5 million common shares of First Mining. In addition, under the terms of the Transaction, certain shareholders who held in the aggregate approximately 39.6% of the outstanding Tamaka shares, have deposited the First Mining shares received by them under the Transaction into escrow. Twenty percent of such escrowed shares will be released from escrow one year following the closing date of the Transaction and an additional 20% will be released every six months thereafter, with the final tranche released on the date which is three years after closing.
We believe the news above is yet to be fully priced in, particularly as it relates to the bullish sentiments on gold that is dominating Wall Street at the moment.
There’s currently strong interest in FFMGF and we believe momentum could help it test its 12-month ceiling.
Keep FFMGF on your trading screen.
Able Trader
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