Business
Freeman Gold Announces Closing of US$13.4 Million Oversubscribed Non-brokered Private Placement
VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce that is has cl
About this update from Freeman Gold Corp.
[{"type":"text","content":" VANCOUVER, BC, Nov. 29, 2021 /CNW/ - Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) (\"Freeman\" or the \"Company\") is pleased to announce that is has closed its non-brokered private placement consisting of the issuance of 38,261,617 units (the \"Units\") at a price of US$0.35 per Unit for aggregate gross proceeds of US$13,391,565.95 (the \"Offering\"). Each Unit consists of one common share of the Company (each, a \"Share\") and one half of one Share purchase warrant (each whole warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Share for a period of sixty months at a price of US$0.65 per Share. The Warrants will be listed and be free trading after the standard 4-month hold is lifted. The Warrants are governed by a warrant indenture entered into by the Company and Odyssey Trust Company, as warrant agent (the \"Indenture\"). A copy of the Indenture will be posted under the Company's profile on SEDAR. Paul Matysek, Executive Chair, commented, \"Freeman is now well funded to execute its planned programs. With the closing of this round of financing the company will have over US$16 million in the treasury. This will allow for us to increase and expand the on-going phase 2 drill program into the first half of fiscal 2022, as well as complete all our metallurgical studies and fund our maiden preliminary economic assessment. I would also like to welcome over 850 new shareholders which included premier institutions. I am especially grateful for the support of Marin Katusa for his personal contribution and those of his President's List that provided 75% of the gross proceeds. Marin's financial and business acumen has been instrumental in the success of a string of public resource companies and we look forward to working with him in adding Freeman to that stellar list.\" No commissions were paid on this financing. No finder fees were paid in any way as part of this financing. The Company intends to use the proceeds from the Offering for project development at its 100% owned Lemhi Project (as defined below), including, but not limited to, resource expansion and definition drilling, engineering, metallurgical and environmental studies, property wide exploration, and for general corporate activities. All securities issued pursuant to the Offering are subject to a hold period under a...