Northern Freegold Announces Flow-Through Financing
Vancouver, BC: December 22, 2008. Northern Freegold Resources Ltd. (NFR: TSX-V) is pleased to announce that it intends to complete a 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 0.35 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 0.50 for an 18-month period. The financing is expected to close on or before December 31, 2008.
Maximum gross proceeds of the offering are expected to be up to $CDN 500,000. 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 flow-through unit expenditures will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2008 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 (Bill) G. Harris
CEO & COO
For further information, please contact Sarah Mouritzen, Investor Relations Manager at 877.893.8757 or 604.893.8757.
Northern Freegold Resources TSX.V: NFR
900-475 Howe St.
Vancouver, BC V6C 2B3