April 22, 2021 – First Growth Funds Limited (CSE: FGFL) “(Company”) is to provide an update on its investment portfolio and advisory business activities. In the first quarter 2021, Company invested $1.06M in ASX listed Magnum Mining and Exploration Limited and the investment is now valued at $5.08M, a gain of over $4M. Magnum Mining and Exploration is a mining company with operations in Nevada, USA. Magnum has secured major permits for the long-term production of 232 million tons of high-grade magnetite concentrate grading +67.5% Fe. The project is well situated to existing rail, power and port facilities.
Magnum recently announced that it is accelerating development of its magnetite mine development and compressed its Project timeline by signing an exclusive Green Hydrogen supply agreement with AVF Energy Inc (“AVF”). AVF is a registered company in Nevada that will produce Green Hydrogen from waste on a commercial scale for the Magnum steelmaking facility. AVF is very active in the green hydrogen market having executed MOU agreement with NYSE listed Dominion (U$60 billion infrastructure Co) as equity partner in a green hydrogen production project in the United States of America. AVF has agreed to fund and build a commercial scale green hydrogen plant on the Magnum site in Nevada. The agreement provides Magnum with Green Hydrogen, at a 10% discount to market rates, for the manufacture of ‘green friendly’ Hot Briquetted Iron (HBI) and High Purity Iron (HPI) products for supply to the US domestic steel market and battery industry. The agreement is on an exclusive basis for the hydrogen supply to the territory of Nevada. Magnum has the right to seek 3rd party Hydrogen supply agreements should AVF be unable to meet the delivery schedules and quantities required by Magnum. Magnum has also signed a non-exclusive sales and marketing agreement with M Resources Trading Pty Ltd to act as Magnum’s sales agent in the United States in relation to sales of all Magnetite, HBI, HPI, pig iron and steel produced from the mine or Integrated Steel Complex. Ethereum First Growth Funds is also pleased to announce an update on its existing investment in cryptocurrency, Ethereum. First Growth Funds holds 255.5 Ethereum tokens now valued at $823,065. The Company is currently recording the Ethereum investment at $47,200 on balance sheet. First Growth Funds plans to continue to hold Ethereum for the medium term. The price of Ethereum has risen by 1264% over the past 12 months compared to Bitcoin that has risen by 668% during the same period.
To view the full announcement please click here.
END
THE CANADIAN SECURITIES EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE. FORWARD LOOKING INFORMATION This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. These statements relate to future events or future performance. All statements other than statements of historical fact may be forward-looking statements or information. The forward-looking statements and information are based on certain key expectations and assumptions made by management of the Company. Forward-looking statements and information are provided for the purpose of providing information about the current expectations and plans of management of the Company relating to the future. Readers are cautioned that reliance on such statements and information may not be appropriate for other purposes, such as making investment decisions. Since forward-looking statements and information address future events and conditions, by their very nature they involve risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. Accordingly, readers should not place undue reliance on the forward-looking statements, timelines and information contained in this news release. Readers are cautioned that the foregoing list of factors is not exhaustive. The forward-looking statements and information contained in this news release are made as of the date hereof and no undertaking is given to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws or the Canadian Securities Exchange. The forward-looking statements or information contained in this news release are expressly qualified by this cautionary statement.
| 
