By Devika Patel
Knoxville, Tenn., Nov. 16 - Northern Freegold Resources Ltd. announced it will raise C$6.75 million in a non-brokered private placement of units.
The company will sell 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 may pay a 6% commission or finder's fee in units and a 6% finder's option for this deal. The finder's option will be exercisable for a number of common shares equal to 6% of the number of units sold at C$1.25 per share for one year.
Proceeds from the deal, which is expected to close on Nov. 30, 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$6.75 million
|
| Units: | 9 million
|
| Price: | C$0.75
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00 for the first year, C$1.25 thereafter
|
| Agent: | Non-brokered
|
| Fees: | 6% in units, options
|
| Pricing date: | Nov. 16
|
| Settlement date: | Nov. 30
|
| Stock symbol: | TSX Venture: NFR
|
| Stock price: | C$0.81 at close Nov. 15
|
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