Northern Freegold Resources Ltd.

Northern Freegold Resources Ltd.

December 18, 2007 16:45 ET

Northern Freegold Closes Financing of $4.334 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 18, 2007) - Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed a non-brokered public offering as announced on December 10, 2007. The financing was comprised of 4,562,371 flow-through units for gross proceeds of CDN $4,334,252.45.

The flow-through units priced at $0.95 per unit each consist of a flow-through common share and one-half of a non-flow-through purchase warrant, each whole warrant exercisable at CDN $1.50 for an 12-month period.

The proceeds from the sale of the shares will be used to finance exploration on the company's Freegold Mountain project in the Yukon Territory. The flow-through unit expenditures will qualify as Canadian exploration expenses as defined in the Income Tax Act and will be renounced for the 2007 taxation year.

A total of CDN $34,724.97 and 172,957 units in finder's fees and/or due diligence fees were paid to certain arms length parties in relation to the offering.

Insider participation:

Glen Diduck (26,000 units)

Pro-group participation:

Warwick Bay (10,000 units), Paul Dipasquale (27,000 units), Ali Pejman (50,000 units), Nicole Adshead-Bell (40,000 units), Barry Warden (50,000 units), John Newell (36,500 units).

Northern Freegold is a Canadian-based resource exploration and development company which relies on local expertise and strong management to focus on development of economic reserves on the district-scale Freegold Mountain Project in the Yukon and the Burro Creek Project in Arizona.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

William (Bill) G. Harris, President and Chief Executive Officer

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Freegold Resources Ltd.
    Bernie Kennedy
    Investor Relations Manager