Northern Freegold Resources Ltd.
TSX VENTURE : NFR

Northern Freegold Resources Ltd.

August 19, 2011 09:15 ET

Northern Freegold Amends Private Placement Total to $8.37 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 19, 2011) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Northern Freegold Resources Ltd. (TSX VENTURE:NFR) is pleased to announce that it has completed its previously announced financing, raising total gross proceeds of $8,378,562. The financing was initially announced at $8.0 million and was increased due to demand. The closing occurred in two tranches of $6 million and $2,378,562 respectively. A total of 20 million units were issued in the first tranche. The second tranche was amended to include an additional $200,000, resulting in a total of 7,928,540 units being issued in the second tranche. Finders received $3,150.00 and 10,500 finders' warrants in connection with the additional $200,000.

Each unit sold consists of a common share a share purchase warrant, each warrant being exercisable to acquire an additional share at $0.45 for 18 months following the closing. All of the securities are subject to a hold period expiring December 9, 2011. The company did not proceed with the loans to directors, officers and employees as announced in its August 4 press release.

Net proceeds from the private placement will be applied towards advancement of the Company's Yukon mineral properties and for general working capital purposes.

Northern Freegold is a well financed rapidly advancing Canadian-based precious metals exploration and development company that brings local expertise and strong management to focus on the development of economic mineral resources on the district-scale Freegold Mountain gold and copper project in the Yukon and the Burro Creek gold and silver property in Arizona.

Northern Freegold Resources Ltd.

On behalf of the Board of Directors

John Anderson, Chair

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Northern Freegold Resources Ltd.
    Julie Hajduk
    Investor Relations Manager
    1-877-893-8757
    604-893-8758 (FAX)
    www.northernfreegold.com