Northern Freegold Closes Financing of $3.45 Million
October 26 2010 - 9:21PM
Marketwired
Northern Freegold Resources Ltd. (TSX VENTURE: NFR) has closed a
private placement announced on Oct. 21, 2010. The financing was
comprised of 6,437,000 non-flow-through units (the "Units") and
4,347,373 flow-through shares (the "Shares") for gross proceeds of
CDN $3,452,681.
The Shares were priced at $0.35 per Share and the Units at $0.30
per Unit. Each Unit consists of one common non-flow-through share
of the Company and one-half of a warrant. Each full warrant
entitles the holder to purchase one additional non-flow-through
common share of the Company at a price of $0.45 per share for a
period of 12 months from the closing date. Net proceeds from the
private placement will be applied towards advancement of the
Company's Yukon mineral properties and for general working capital
purposes.
A total of CDN$16,025 and 463,734 units in finder's fees were
paid in connection with the financing. The finder's fee units have
the same terms as the Units.
All of the securities are subject to a hold period expiring
February 26, 2011.
Insider participation: Bill Harris (100,000 Shares) and Susan Craig
(60,000 Shares)
Pro-group participation: Gord Medland (85,000 Units); Joe DaSilva (16,000
Shares); Noel Chow-How (18,000 Shares); Peter
Tabbitt (16,000 Shares) and Shaun Chin (15,000
Shares)
The Company also announces that subject to TSX Venture Exchange
approval, it has granted 1,900,000 incentive stock options to
officers, directors, employees and consultants of the Company. Some
of the options granted were to replace options that had expired and
the remainder were new grants. The options are set for a period of
5 years for directors and 3 years for all other optionees, expiring
on October 26, 2015 and October 26, 2013 respectively and are
subject to vesting provisions according to Company policies.
100,000 options are being awarded to an investor relations
consultant with vesting provisions in accordance with TSX-V policy.
The options will allow the holder to purchase a share in the
Company at a price of $0.35. Any shares issued on the exercise of
these stock options will be subject to a four-month hold period
from date of grant.
Northern Freegold is a rapidly advancing Canadian-based precious
metals exploration and development company that brings local
expertise and strong management to focus on the development of
economic mineral resources on the district-scale Freegold Mountain
gold and copper project in the Yukon and the Burro Creek gold and
silver property in Arizona.
Northern Freegold Resources Ltd.
On behalf of the Board of Directors
Susan Craig, President & CEO
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Contacts: Northern Freegold Resources Ltd. Julie Hajduk Investor
Relations Manager 1-877-893-8757 or 604-893-8757 604-893-8758 (FAX)
www.northernfreegold.com
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