Northern Freegold Announces Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES


Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCQX:NFRGF)(FRANKFURT:8N6)
(the "Company") 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 (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 (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.


No finders' fees are payable in connection with the portion of the private
placement purchased by TerraLogic or other insiders.


The Company may pay commissions and finders' fees of 7% cash in connection with
the balance of the financing.


Northern Freegold intends to use the net proceeds from the private placement on
the Company's mineral properties and for general working capital.


All securities issued in connection with the private placement will be subject
to a four-month hold period from the date of closing. The private placement is
subject to the approval of the TSX Venture Exchange.


About Northern Freegold

Northern Freegold Resources Ltd. (TSX VENTURE:NFR)(OTCQX:NFRGF) trades in Canada
on the TSX Venture Exchange under the symbol "NFR" and in the United States on
the OTCQX under the symbol "NFRGF". Northern Freegold is a growth oriented
Canadian-based precious metals exploration and development company. Northern
Freegold is focused on creating value through the advancement of the district
scale Freegold Mountain project, which hosts one of the largest undeveloped gold
and copper resources in the Yukon. For maps and more information, please visit
our website www.northernfreegold.com.


On behalf of the Board of Directors

John Burges, President and CEO

Cautionary Note Regarding Forward-Looking Information: Statements in this press
release include certain "forward-looking information". All statements, other
than statements of historical fact, included herein, including, without
limitation, the intended use of the proceeds of the private placement and
exploration plans, contain forward-looking information. Readers are cautioned
that actual events may vary from the forward-looking information contained in
this news release. Material risk factors that could cause actual results to
differ materially from the forward-looking information in this news release
include, but are not limited to, inability of the Company to obtain final
acceptance of the private placement, that the Company's planned exploration of
its Freegold Mountain property will not proceed as anticipated, uncertainties
involved in the interpretation of drilling results and geological tests, the
results of exploration being different than those anticipated by management and
the need for cooperation of government agencies and First Nation groups in the
exploration and development of the Company's Freegold Mountain property. The
forward-looking information in this news release is based on the assumptions
that market conditions and regulatory requirements will not change in any
material respect, that the Company will be able to commence its planned work and
drilling in the anticipated timeframes, that the Company's planned exploration
of its Freegold Mountain property will proceed as anticipated and that the
Company will be able to obtain final approval of the private placement. The
company does not assume any responsibility for updating forward-looking
information, except as required by law.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Northern Freegold Resources Ltd.
Andy Hay
Corporate Communications
604-893-8757 or Toll Free: 1-877-893-8757
604-893-8758 (FAX)
andy@northernfreegold.com
www.northernfreegold.com
Northern Freegold Resour... (TSXV:NFR)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024