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Freeman Gold Announces US$10 Million Non-Brokered Private Placement for Lemhi Resource Expansion
VANCOUVER, BC, Nov. 1, 2021 /CNW/ - Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) ("Freeman" or the "Company") is pleased to announce a non-brokered
About this update from Freeman Gold Corp.
[{"type":"text","content":" VANCOUVER, BC, Nov. 1, 2021 /CNW/ - Freeman Gold Corp. (CSE: FMAN) (OTCQB: FMANF) (FSE: 3WU) (\"Freeman\" or the \"Company\") is pleased to announce a non-brokered private placement of up to 28,571,428 units (the \"Units\") at a price of US$0.35 per Unit for gross aggregate proceeds of up to US$10 million (the \"Offering\"). Each Unit will consist of one common share of the Company (each, a \"Share\") and one half (1/2) of one Share purchase warrant (each whole Share purchase warrant, a \"Warrant\"), with each Warrant entitling the holder thereof to purchase one Share for a period of sixty (60) months from closing at a price of US$0.65 per Share. The Company anticipates closing the Offering in late November 2021. \"Proceeds from this Private Placement will enable us to immediately embark on an aggressive resource expansion drill program to test the full extent of oxide gold mineralization at Lemhi which remains open in all directions. Our primary goal is to define 2 million leachable gold ounces near-surface within open pit mining depth. Furthermore, we shall drill test other satellite targets that include the highly prospective Beauty Zone, optimize metallurgical studies and complete an economic analysis,\" stated Paul Matysek, Executive Chairman. The Company intends to use the proceeds from the Offering for project development at its 100% owned Lemhi Project (as defined below), including: resource expansion and definition drilling, engineering, metallurgical and environmental studies, property wide exploration, and for general corporate activities. Completion of the Offering remains subject to the approval of the Canadian Securities Exchange (the \"CSE\"). The Shares, including those underlying the Warrants, and the Warrants issued by the Company under the Offering will be subject to a four month and one day hold from the closing date of the Offering as prescribed by applicable securities laws. Additionally, the Company anticipates making an application to list the Warrants for trading on the CSE following expiration of the statutory hold period applicable to the Warrants. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States nor shall there be any sale of the securities described herein in any jurisdiction in which such ...