VANCOUVER, May 6, 2015 /CNW/ - Freegold Ventures Limited
(TSX:FVL Frankfurt: FR4N) ("Freegold") is pleased to
announce that it has received subscription agreements for the
closing of the non-brokered private placement of 6,872,500
("Units"), priced at $0.10 per Unit
for total proceeds of $687,250.
Each Unit will consist of one common share (a "Share") and one-half
of one common share purchase warrant (a "Warrant"). Each
whole Warrant will entitle the holder to acquire an additional
Share at a price of $0.15 per Share
for a period of 36 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 $0.30 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.
All securities issued bear a legend restricting resale until
September 5, 2015.
Under the current private placement, current insiders purchased
750,000 Units which, assuming exercise of Warrants, results in
1,125,000 shares being issued to such insiders, representing 1.19%
of the outstanding shares of the Company. The foregoing is
subject to regulatory approval.
The Company would like to thank its Shareholders for their
continued support.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on exploration in
Alaska and holds the Golden Summit
Gold Project, near Fairbanks as
well as a 100% lease interest on the Shorty Creek Copper –Gold-
Molybdenum Project near Livengood.
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