www.freegoldventures.com
VANCOUVER, March 28,
2014 /CNW/ - Freegold Ventures Limited (TSX:FVL)
(Frankfurt: FR4N) ("Freegold") is pleased to announce a
non-brokered private placement of up to 3,260,869 units at a price
of $0.23 per share for gross proceeds
of up to $750,000.
Each Unit will consist of one common share (a
"Share") and one common share purchase warrant (a "Warrant").
Each Warrant will entitle the holder to acquire an additional Share
at a price of $0.30 per Share for a
period of 12 months and at a price of $0.35 per Share for a period of an additional 12
months for a total of 24 months from the date of closing.
Each Warrant is subject to accelerated expiry provisions such that
if at any time after the expiry of any resale restriction governing
the subscribed Shares, the Corporation's common shares trade on the
TSX at or above a volume weighted average trading price of
$0.50 per common share for 10
consecutive trading days, the Company may give notice to the
holders that each Warrant will expire 30 days from the date of
providing such notice. The TSX has granted conditional
approval for the placement.
A finder's fee of 8% cash or 7% cash + 7% broker/finder's
warrants will be paid on a portion of the placement.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the
exploration of gold projects in Alaska. Its flagship property is the Golden
Summit property located near Fairbanks, Alaska. Road accessible,
close to industrial strength power and with an experienced labour
force, the Golden Summit project represents an excellent low risk
development project in Freegold. The Golden Summit Property
hosts an indicated NI 43-101 resource of 79,800,000 tonnes
averaging 0.66 grams/tonne gold for a total of 1,683,000 ounces and
an inferred resource of 248,060,000 tonnes averaging 0.61
grams/tonne gold for a total of 4,841,000 ounces using a 0.30
gram/tonne gold cut-off grade. The resource estimate was completed
by Giroux Consultants Ltd.
Some statements in this news release contain forward-looking
information, including without limitation statements as to planned
expenditures and exploration programs. These statements address
future events and conditions and, as such, involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Such factors include
without limitation the completion of planned expenditures, the
ability to complete exploration programs on schedule and the
success of exploration programs
SOURCE Freegold Ventures Limited