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Freegold Announces Closing of $5.75 Million Second Tranche of Brokered Private Placement Financing
Freegold Announces Closing of $5.75 Million Second Tranche of Brokered Private Placement F...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Announces Closing of $5.75 Million Second Tranche of Brokered Private Placement Financing\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, June 2, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, June 2, 2020 /CNW/ - Freegold Ventures Limited (TSX: FVL) (\"Freegold\" or the \"Company\") announces that further to its news releases of May 7, 2020 and May 26, 2020, the Company has closed a fully subscribed second tranche of its previously announced brokered private placement for additional gross proceeds of $5,750,100, including over-allotment proceeds (the \"Private Placement\"). Including proceeds from the first tranche, previously closed on May 26, 2020, the aggregate proceeds of the offering are $10,750,140. Paradigm Capital Inc. acted as sole agent (the \"Agent\") in connection with both tranches.\nIn connection with the Private Placement, the Company entered into an agency agreement (the \"Agency Agreement\") dated May 26, 2020, between the Company and the Agent. Pursuant to the Agency Agreement the Private Placement consisted of subscription receipts of the Company (the \"Subscription Receipts\") of which the Company issued 16,667,000 Subscription Receipts at a price of $0.30 per Subscription Receipt and granted the Agent an over-allotment option to increase the size of the Private Placement by up to an additional 15%. Including the over-allotment option, the Company issued an aggregate of 19,167,000 Subscription Receipts.\nEach Subscription Receipt will entitle the holder thereof to receive, without payment of any additional consideration, one common share (each a \"Common Share\") and one-half of one common share purchase warrant (each whole warrant a \"Warrant\"). Each whole Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.45, for a period of 2 years following the Closing Date. The conversion of the Subscription Receipts for both tranche 1 and tranche 2 will be con...