Funds for advancement of Yukon mineral properties, general capital
By Melissa Kory
Cleveland, May 12 - Northern Freegold Resources Ltd. announced that it intends to complete a non-brokered private placement of up to 22,857,142 units, or C$8 million. There is also an over-allotment option for $2 million additional units.
The units will be sold at C$0.35 per unit, equal to the May 11 closing share price of C$0.35.
Each unit will consist of a common share and a share purchase warrant. Each warrant is at C$0.45 for 18 months.
The company will pay commissions and finders fees of 7% in cash and 7% in finder warrants. If requested by finders, the company may accept subscriptions of up to an additional 25% of the offering, or C$2 million.
Proceeds will be applied toward advancement of the company's Yukon mineral properties and for general working capital purposes.
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$8 million
|
| Greenshoe: | C$2 million
|
| Units: | 22,857,142
|
| Price: | C$0.35
|
| Warrants: | One share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Pricing date: | May 12
|
| Stock symbol: | TSX Venture: NFR
|
| Stock price: | C$0.35 at close May 11
|
| Market capitalization: | C$28,934,221
|
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