Non-brokered deal funds mineral properties, general working capital
By Devika Patel
Knoxville, Tenn., April 23 - Northern Freegold Resources Ltd. said it raised C$737,400 in the second and final tranche of a C$1.56 million oversubscribed non-brokered private placement of units. The deal priced for C$1 million on April 3 and raised C$826,100 on April 5. The company increased the deal to C$1.5 million on April 11 due to investor demand.
The company sold 26,058,332 units of one common share and a half-share warrant at C$0.06 per unit. It sold 13,768,333 units in the initial tranche and 12,289,999 units in the second tranche.
Each whole warrant is exercisable at C$0.10 for three years. The strike price is a 66.67% premium to the April 2 closing share price of C$0.06.
Proceeds will be used on the company's 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 a half-share warrant
|
| Amount: | C$1,563,500
|
| Units: | 26,058,332
|
| Price: | C$0.06
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | April 3
|
| Upsized: | April 11
|
| Settlement dates: | April 5 (for C$826,100), April 23 (for C$737,400)
|
| Stock symbol: | TSX Venture: NFR
|
| Stock price: | C$0.06 at close April 2
|
| Market capitalization: | C$6.3 million
|
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