Vancouver, BC: May 22nd, 2007. Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce that it intends to complete a brokered and non-brokered private placement to arms-length and non arms-length investors. Application will be filed with the TSX Venture Exchange (TSX-V) to sell flow-through units at a price of $CDN 0.80 per unit and non-flow-through units at a price of $CDN 0.70 per unit. Each flow-through unit will consist of a flow-through common share and one-half of a non-flow-through purchase warrant, each whole warrant exercisable at $CDN 1.10 for an 18-month period. Each non-flow-through unit will consist of a common share and one-half of a non-flow-through purchase warrant, each whole warrant exercisable at $CDN1.10 for an 18-month period. Allocation of flow-through and non-flow through units will be determined by market interest. The common share purchase warrants are subject to an accelerated expiry if, at any time following the expiry of 4 months from the date the warrants are issued, the published closing trade price of the common shares on the TSX-V is greater than or equal to $CDN 1.25 for any 10 consecutive trading days, in which event the holder will be given notice that the warrants will expire 30 days following the date of such notice. The common share purchase warrants may be exercised by the holder during the 30 day period between the notice and the expiration of the common share purchase warrants. A 5% commission or finders fee payable in cash or 7% commission or finders fee payable in non-flow-through units will be paid to registered dealers or arms-length agents responsible for sourcing investors for this financing. The financing is expected to close on or before June 22, 2007. Maximum gross proceeds of the offering are expected to be $CDN 4,000,000. The proceeds from the sale of the shares will be used to finance exploration on the company's Freegold Mountain project in the Yukon Territory, the Burro Creek property in Arizona and for general working capital. The flow-through unit expenditures will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2007 taxation year. Northern Freegold is a Canadian-based resource exploration and development company which relies on local expertise and strong management to focus on development of economic reserves on the district-scale Freegold Mountain Project in the Yukon and the Burro Creek Property in Arizona. Northern Freegold Resources Ltd. On behalf of the Board of Directors Signed "Bill Harris" William G. (Bill) Harris President and Chief Executive Officer The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
Northern Freegold is a gold exploration company based in Canada.
Northern Freegold holds various exploration projects in Canada.
Its main exploration properties are SEVERANCE, TAD / TORO, FREEGOLD MOUNTAIN - GOLDY ZONE, FREEGOLD MOUNTAIN - STODDART ZONE, FREEGOLD MOUNTAIN - REVENUE ZONE, BURRO CREEK, FREEGOLD MOUNTAIN - NUCLEUS and FREEGOLD MOUNTAIN -TINTA HILL in Canada.
Its stock quote reached its highest recent level on November 05, 2010 at CA$ 4.20, and its lowest recent point on February 05, 2016 at CA$ 0.04.
Northern Freegold has 47 050 000 shares outstanding.