Freegold Closes $5.3 Million Private Placement

About this update from Freegold Ventures Limited

[{"type":"text","content":"\n\n\n\n Dec. 24, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVANCOUVER, Dec. 24 /CNW/ - Freegold Ventures Limited (TSX: FVL, Frankfurt: FR4N) ("Freegold" or the "Company") is pleased to announce that it has closed its\n non-brokered private placement of 11,514,213 ("Units"), at an offering\n price of $0.46 per Unit, to raise gross proceeds of $5,296,538.  Each\n unit  consisted of one common share (a "Share") and one common share\n purchase warrant (a 'Warrant").   Each Warrant entitles the holder to\n acquire an additional Share at a price of $0.55 per share until\n December 15, 2011 and thereafter at a price of $0.65 per share until\n December 15, 2012. Freegold received shareholder approval of the\n issuance of the Warrants and the common shares underlying the Warrants\n by obtaining written consent of a majority of disinterested\n shareholders as required by the policies of the TSX.\n\n\nUnder the private placement, current Insiders purchased 113,043 Units\n which, assuming exercise of the Warrants, would result in 226,086\n shares being issued to such Insiders, representing 0.9% of the then\n outstanding shares of the Company.  A cash finder's fee of 10% was paid\n on a portion of the placement to arm's length finders.  All securities\n issued bear resale restrictions until April 23, 2011.\n\n\nThe Company has also accepted the resignation of Mr. Mark Feeney from\n its Board of Directors. ...

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