Northern Freegold Announces Financing
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/21/10 -- Northern Freegold Resources Ltd. (TSX VENTURE: NFR) is pleased to announce that they are arranging a private placement financing of up to 6,666,666 Units at a price of $0.30 and 4,285,714 flow-through common shares at a price of $0.35 for a total of $3,500,000. Each Unit shall consist of one common non flow-through share of the Company and one half of a warrant priced at $0.45 for a period of 12 months from the closing date.
The Company will pay finders' fees in connection with the financing. The private placement is subject to approval by the TSX Venture Exchange. 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 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
Bill Harris, Chairman & COO
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Contacts:
Northern Freegold Resources Ltd.
Julie Hajduk
Investor Relations Manager
1-877-893-8757 or 604-893-8757
604-893-8758 (FAX)
www.northernfreegold.com