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Freegold Announces $30 Million Brokered Private Placement Financing
Freegold Announces $30 Million Brokered Private Placement Financing Canada NewsWir...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Announces $30 Million 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\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, July 9, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, BC, July 9, 2020 /CNW/ - Freegold Ventures Limited (TSX: FVL) (\"Freegold\" or the \"Company\"), a growth-focused gold exploration and development company, announces that it intends to raise up to C$30 million via a best efforts brokered private placement  (the \"Private Placement\") .\nParadigm Capital Inc. will act as sole agent (the \"Agent\") on the Private Placement of subscription receipts (the \"Subscription Receipts\").  Each Subscription Receipt will be issued at a price of C$1.10 per share for gross proceeds of up to C$30 million. \nEach Subscription Receipt will entitle the holder thereof to receive, without payment of any additional consideration, one unit of the Company (a \"Unit\"), consisting of one common share of the Company (a \"Common Share\") and one-half warrant (each whole warrant being a \"Warrant\"). The conversion of these Subscription Receipts will be conditional upon the approval of existing shareholders. Each Warrant shall be exercisable for a period of up to 24 months following the closing of the Private Placement to purchase a Common Share at a price of $1.65.\nMr. Eric Sprott has agreed to invest up to $20 million in the Private Placement. Upon conversion of his Subscription Receipts into Units, his interest in the Company will increase to approximately 35%, assuming the Private Placement is fully subscribed. \nThe Agent shall have the option (the \"Agent's Option\") to increase the size of the Private Placement by up to 15% of the base Private Placement size, which Agent's Option shall be exercisable, by notice in writing to the Company, at any time not less than 48 hours prior to the closing of the Private Placement.\nThe Private Placement is subject to regulatory approval, including but not limited to approval of the...