Company sells C$200,000 more in non-brokered private equity offering
By Devika Patel
Knoxville, Tenn., Aug. 19 - Northern Freegold Resources Ltd. said it amended the second tranche of a non-brokered private placement of units. The deal priced for C$8 million on July 19 and the company raised C$6 million on July 20; it raised C$2.18 million in the second tranche on Aug. 5 but has now increased the tranche by C$200,000 for a total offering of C$8.38 million.
The company sold 20 million units of one common share and one warrant at C$0.30 per unit in the first tranche. It sold 7,261,874 units in the second tranche and then sold an additional 666,666 units in that tranche for a total sale of 27,928,540 units.
Each whole 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 for 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$8,378,562
|
| Units: | 27,928,540
|
| 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
|
| Upsized: | Aug. 19
|
| Settlement dates: | July 20 (for C$6 million) Aug. 5 (for C$2,378,562)
|
| Stock symbol: | TSX Venture: NFR
|
| Stock price: | C$0.32 at close July 18
|
| Market capitalization: | C$23.56 million
|
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