Northern Freegold Completes Private Placement
Vancouver, BC / TheNewswire / April 5, 2016 - Northern Freegold Resources Ltd. (TSX-V: NFR) (NFR or, the "Company") is pleased to announce that it has closed the previously announced private placement. A total of 10,050,734 units (the "Units") at a price of $0.06 per Unit have been issued for gross proceeds of $603,044.04 (the "Offering"). Each Unit is comprised of one common share of the Issuer (the "Unit Share") and one half of one transferable common share purchase warrant of the Issuer (each whole warrant, a "Warrant"). Each Warrant is exercisable into an additional common share at a price of $0.10 per share (a "Warrant Share") for a period of 3 years from the date of closing (the "Closing Date").
After six months from the Closing Date, should the daily volume weighted average trading price of the common shares of the Company exceed $0.25 for ten consecutive trading days, the Company may, within 30 days of such an occurrence, give notice to the warrantholders that it is accelerating the expiry date of the Warrants such that the Warrants will expire following the 30th day from the date of the notice unless exercised prior to such date.
All securities issued in connection with the Offering will be subject to a four month hold period expiring on August 6, 2016, in accordance with applicable Canadian securities laws. Net proceeds of the private placements will be used for general working capital purposes and to advance the Company's mineral properties. The Offering remains subject to final acceptance by the TSX Venture Exchange.
About Northern Freegold
Northern Freegold is a growth oriented Canadian-based precious metals exploration and development company. Northern Freegold is focused on creating value through the advancement of the district scale Freegold Mountain project in Yukon. For maps and more information, please visit our website www.northernfreegold.com
On behalf of the Board of Directors
Signed "Paul Reynolds"
Paul Reynolds, President
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Neither the 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.
For Further Information, please visit our website at www.northernfreegold.com
Tel: 604.893.8757
200 - 52A Powell Street
Vancouver, BC Canada V6A 1E7
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