Company sells 20 million units in first part of C$8 million deal
By Marisa Wong
Madison, Wis., July 20 - Northern Freegold Resources Ltd. said it closed the first tranche of its previously announced private placement of units. Northern Freegold raised C$6 million from the sale of 20 million units. The company announced earlier this week that it plans to sell a total of 26,666,666 units for C$8 million.
Each unit will consist of a common share priced at C$0.30 and a share purchase warrant. Each warrant will be exercisable at C$0.45 for 18 months. The strike price represents a 40.63% premium to the July 18 closing share price of C$0.32.
Proceeds will be used for advancement of the company's Yukon mineral properties 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$8 million
|
| Units: | 26,666,666 (20 million in first tranche)
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | July 19
|
| Settlement date: | July 20 (for C$6 million)
|
| Stock symbol: | TSX Venture: NFR
|
| Stock price: | C$0.32 at close July 18
|
| Market capitalization: | C$27.28 million
|
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