By Devika Patel
Knoxville, Tenn., Jan. 14 - Freegold Ventures Ltd. said it plans a C$10 million line of credit with a European lender.
The company may draw up to C$10 million over three years. Interest will be equal to Libor plus 2%.
The investors also will receive 750,000 warrants, which will be exercisable at C$0.30 for two years. The warrants will be issued upon the company drawing down a minimum of $7.5 million.
Proceeds will be used to repay $4 million in bridge loans, and provide additional working capital.
Freegold is an exploration company based in Vancouver, B.C.
| Issuer: | Freegold Ventures Ltd.
|
| Issue: | Equity line of credit
|
| Amount: | C$10 million
|
| Tenor: | Three years
|
| Coupon: | Three-month Libor plus 2%
|
| Warrants: | 750,000
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.30
|
| Pricing date: | Jan. 14
|
| Stock symbol: | Toronto: ITF
|
| Stock price: | C$0.31 at close Jan. 13
|
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