Northern Freegold Resources Ltd.
TSX VENTURE : NFR

Northern Freegold Resources Ltd.

July 20, 2011 14:35 ET

Northern Freegold Closes First Tranche of Financing for $6 Million

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) -

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

Northern Freegold Resources Ltd. (TSX VENTURE:NFR) has closed the first tranche of the private placement announced on July 18th, 2011. A total of 20,000,000 units (the "Units") have been completed for gross proceeds of CDN $6,000,000.

Each unit will consist of a common share priced at $0.30 per Share and a share purchase warrant, each warrant being exercisable to acquire an additional share at $0.45 for 18 months following the closing.

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

A total of CDN $264,821.47, 264,821 warrants and 134,593 units in finder's fees were paid in connection with the financing. The finder's fee warrants have the same terms as the Units.

All of the securities are subject to a hold period expiring November 21, 2011.

Northern Freegold is a 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 or 604-893-8757
    604-893-8758 (FAX)
    www.northernfreegold.com