cnw
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.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on the exploration of gold
projects in Alaska. In addition to the Golden Summit Gold Project, the
company holds a 100% in lease interest in the Rob Gold Project near the
Pogo Gold Mine in the Goodpaster Mining District of Alaska and has an
exploration agreement with option to lease the Vinasale Gold project in
central Alaska.
