Freegold Ventures Limited (TSX: FVL) has closed its upsized brokered private placement offering for aggregate gross proceeds of C$41,975,805, which includes the exercise in full of the agent’s option for additional gross proceeds of C$5,475,105. Paradigm Capital acted as the sole agent on the offering.
In connection with the offering, the company entered into an agency agreement, dated April 3, 2025, between the company and the agent. In accordance with the agency agreement, 49,383,300 units of the company were issued at a price of C$0.85 per unit.
Each unit is comprised of one common share of the company and one-half of one common share purchase warrant of the company.
Each warrant is exercisable to acquire one common share of the company for 24 months from today’s date at an exercise price of C$1.30 per warrant share.
The company plans to use the net proceeds from the offering for general working capital and corporate purposes, with a primary focus on advancing the Golden Summit project. Drilling at Golden Summit is expected to resume next month, and an updated mineral resource estimate is anticipated later in the second quarter, once the assays from the 2024 drill programme have been finalized.
Additionally, Mr. Eric Sprott, through an entity owned and controlled by him, purchased an aggregate of 14,814,900 units in the offering, representing 30% of the units issued under the offering.
To find out more, please visit www.freegoldventures.com
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