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Northern Freegold Resources Ltd Announces Private Placement


Wednesday, 3 Apr 2013 04:15pm EDT 

Northern Freegold Resources Ltd announced that it is arranging a non-brokered private placement of up to 16.67 million units (the Units) at $0.06 for total gross proceeds of up to $1,000,000. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant (Warrants). Each whole Warrant is exercisable to acquire an additional common share at $0.10 for 36 months. In the event that the Company's common shares trade at a 20-day volume-weighted average trading price of $0.15 cents or greater on the TSX Venture Exchange (or such other exchange on which the shares may be listed) at any time after four months and one day after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof, and in such case the Warrants will expire on the 30th day after the date on which such notice is given by the Company. Eagle Plains Resources Ltd. (Eagle Plains) through its wholly owned subsidiary TerraLogic Exploration Inc. (TerraLogic) has committed to subscribe for $500,000 or 8,333,333 Units. Northern Freegold and Eagle Plains have certain directors and/or executive officers in common. These individuals abstained from voting on the transaction. Certain other investors and insiders of the Company have committed to purchase over $400,000 in subscriptions. Northern Freegold intends to use the net proceeds from the private placement on the Company's mineral properties and for general working capital. 

Company Quote

0.03
-0.0050 -14.29%
28 Aug 2014