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Northern Freegold Resources Ltd Closes First Tranche of Financing for CAD826,100


Friday, 5 Apr 2013 01:13pm EDT 

Northern Freegold Resources Ltd announced that has closed the first tranche of the private placement announced on April 3, 2013. A total of 13,768,333 units (the Units) have been completed for gross proceeds of CAD826,100. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant (the 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 (VWAP) of $0.15 cents or greater on the TSX Venture Exchange 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. Northern Freegold intends to use the net proceeds from the private placement on the Company's mineral properties and for general working capital. Eagle Plains Resources Ltd. (Eagle Plains) through its wholly owned subsidiary TerraLogic Exploration Inc. (TerraLogic) has subscribed for CAD500,000 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. All of the securities issued in connection with the private placement are subject to a hold period expiring August 6, 2013. 

Company Quote

0.08
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19 Dec 2014