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Freegold Announces $5 Million Second Tranche Brokered Private Placement Financing
Freegold Announces $5 Million Second Tranche Brokered Private Placement Financing ...
About this update from Freegold Ventures Limited
[{"type":"text","content":"\n\n\n\nFreegold Announces $5 Million Second Tranche 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 13, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, May 13, 2020 /CNW/ - Freegold Ventures Limited (TSX: FVL) (\"Freegold\" or the \"Company\"), a growth-focused gold exploration and development company, announces that it has agreed to issue, addition to the private placement announced on May 7, 2020 up to C$5 million via a second tranche 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$0.30 per Subscription Receipt for gross proceeds of up to C$5 million. Each Subscription Receipt will entitle the holder thereof to receive, without payment of any additional consideration, one Unit.  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 $0.45, for a period of 2 years following the closing of the Private Placement.  The exchange of the Subscription Receipts for Units will be conditional upon the approval of Freegold shareholders.\nThe Agent shall have the option (the \"Agent's Option\") to increase the size of the second tranche 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 date.\nMr. Eric Sprott has agreed to invest $4 million in the Private Placement.  Following the conversion of the Subscription Receipts, his interest in the Company will be approximately 28%, assuming bo...