Northern Freegold Announces $8 Million
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 26,666,666 units at a
price of $0.30 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 toward advancement of the Company's Yukon
mineral properties and for general working capital purposes.
The Company will pay
commissions and finders' fees of 7% cash and 7% broker warrants or 7% in
units in connection with the financing. The finder warrants will have the
same terms as the warrants forming part of the units. 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 6,666,666 additional units.
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.
is a rapidly advancing 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
Northern Freegold Resources Ltd.
On behalf of the Board of Directors