Freegold Closes $5.3 Million Private Placement
§ VANCOUVER, Dec. 24 /CNW/ - Freegold Ventures Limited (TSX: FVL,
Frankfurt: FR4N) ("Freegold" or the "Company") is pleased to announce that it
has closed its non-brokered private placement of 11,514,213 ("Units"), at an
offering price of $0.46 per Unit, to raise gross proceeds of $5,296,538. Each
unit consisted of one common share (a "Share") and one common share purchase
warrant (a 'Warrant"). Each Warrant entitles the holder to acquire an
additional Share at a price of $0.55 per share until December 15, 2011 and
thereafter at a price of $0.65 per share until December 15, 2012. Freegold
received shareholder approval of the issuance of the Warrants and the common
shares underlying the Warrants by obtaining written consent of a majority of
disinterested shareholders as required by the policies of the TSX.
§ Under the private placement, current Insiders purchased 113,043 Units
which, assuming exercise of the Warrants, would result in 226,086 shares being
issued to such Insiders, representing 0.9% of the then outstanding shares of
the Company. A cash finder's fee of 10% was paid on a portion of the
placement to arm's length finders. All securities issued bear resale
restrictions until April 23, 2011.
§ The Company has also accepted the resignation of Mr. Mark Feeney from its
Board of Directors. The Company wishes to thank Mr. Feeney for his
contributions and wishes him the best in his future endeavours.
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