Northern Freegold Closes First Tranche
of Financing for $6 million
Northern Freegold Resources Ltd. (NFR:
TSX-V) has closed the first tranche of the private placement announced on
July 18th, 2011. A total of 20,000,000 units (the
"Units") have been completed for gross proceeds of CDN
$6,000,000.
Each unit
will consist of a common share priced at $0.30 per 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.
A total of CDN
$264,821.47, 264,821 warrants and 134,593 units in finder's fees were
paid in connection with the financing. The finder's fee warrants have the
same terms as the Units.
All of the securities are subject to a hold period expiring
November 21, 2011.
Northern Freegold 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 in Arizona.
Northern
Freegold Resources Ltd.
On behalf of
the Board of Directors
Signed "John Anderson"
John Anderson
Chair