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Freegold Announces $5 Million Brokered Private Placement Financing
Freegold Announces $5 Million Brokered Private Placement Financing Canada NewsWire...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Announces $5 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.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, May 7, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, May 7, 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$5 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 Units (the \"Units\") of the Company and subscription receipts (the \"Subscription Receipts\").  Each Unit and each Subscription Receipt will be issued at a price of C$0.17 per Unit for combined gross proceeds of up to C$5 million. Each Unit will consist of 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 $0.28, for a period of 2 years following the Closing Date.  Each Subscription Receipt will entitle the holder thereof to receive, without payment of any additional consideration, one Unit.\nMr. Eric Sprott has agreed to invest $2 million in the Private Placement. Mr. Sprott will purchase that number of Units which will increase his fully diluted ownership interest in Freegold to 19.9% following the issuance of the Units. The balance of Mr. Sprott's investment will be completed with the purchase of Subscription Receipts, which if converted, will increase his interest in the Company to approximately 22%, assuming the Private Placement is fully subscribed. The conversion of these Subscription Receipts will be conditional upon the approval of existing shareholders.\nThe Private Placement is subject to regulatory approval and all securities issued pursuant to the Private Placement will have a hold ...