Northern Freegold Announces $8 Million Private Placement
Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce that it intends to complete a non-brokered private placement of up to 22,857,142 units at a price of $0.35 per unit, for gross proceeds of up to $8 million. Each unit will consist of a common share and a share purchase warrant, each warrant being exercisable to acquire an additional share at $0.45 for 18 months following the closing.
Net proceeds from the private placement will be applied towards advancement of the Company's Yukon mineral properties and for general working capital purposes.
The company will pay commissions and finders fees of 7% in cash and 7% in finder warrants in connection with the financing. The finder warrants will have the same terms as the warrants forming part of the units.
If requested by finders, the company may accept subscriptions of up to an additional 25% of the offering, for additional gross proceeds of up to $2 million. The additional offering would involve the issuance of up to 5,714,285 additional units.
Northern Freegold is a Canadian-based precious metals exploration and development company that brings local expertise and strong management to focus on the development of economic mineral resources on the district-scale Freegold Mountain gold and copper project in the Yukon and the Burro Creek gold and silver property in Arizona.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Northern Freegold is a gold exploration company based in Canada.
Northern Freegold holds various exploration projects in Canada.
Its main exploration properties are SEVERANCE, TAD / TORO, FREEGOLD MOUNTAIN - GOLDY ZONE, FREEGOLD MOUNTAIN - STODDART ZONE, FREEGOLD MOUNTAIN - REVENUE ZONE, BURRO CREEK, FREEGOLD MOUNTAIN - NUCLEUS and FREEGOLD MOUNTAIN -TINTA HILL in Canada.
Its stock quote reached its highest recent level on November 05, 2010 at CA$ 4.20, and its lowest recent point on February 05, 2016 at CA$ 0.04.
Northern Freegold has 47 050 000 shares outstanding.