By Devika Patel
Knoxville, Tenn., Dec. 4 - Northern Freegold Resources Ltd. announced it has raised C$7.15 million in a non-brokered private placement of units. The deal priced for C$6.75 million on Nov. 16.
The company sold 9,530,614 units, up from its planned sale of 9 million units, at C$0.75 per unit. Each unit consists of one common share and one warrant. Each two-year warrant will be exercisable at C$1.00 for the first year and at C$1.25 thereafter.
The company paid 364,500 units in finder's fees and finder's options exercisable for 364,500 common shares at C$1.25 per share for one year.
Proceeds will be used for exploration and general working capital.
Northern Freegold is a resource exploration and development company based in Vancouver, B.C.
| Issuer: | Northern Freegold Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$7,147,960.50
|
| Units: | 9,530,614
|
| Price: | C$0.75
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 for the first year, C$1.25 thereafter
|
| Agent: | Non-brokered
|
| Fees: | 364,500 units, options for 364,500 common shares
|
| Pricing date: | Nov. 16
|
| Settlement date: | Dec. 4
|
| Stock symbol: | TSX Venture: NFR
|
| Stock price: | C$0.81 at close Nov. 15
|
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