May 6, 2015 (Vancouver, BC) -- Freegold Ventures Limited (TSX:FVL Frankfurt: FR4N) ("Freegold") is pleased to announce that it has received subscription agreements for the closing of the non-brokered private placement of 6,872,500 ("Units"), priced at $0.10 per Unit for total proceeds of $687,250. Each Unit will consist of one common share (a "Share") and one-half of one common share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to acquire an additional Share at a price of $0.15 per Share for a period of 36 months from the date of closing. Each Warrant is subject to accelerated expiry provisions such that if at any time after the expiry of any resale restriction governing the subscribed Shares, the Corporation's common shares trade on the TSX at or above a volume weighted average trading price of $0.30 per common share for 10 consecutive trading days, the Company may give notice to the holders that each Warrant will expire 30 days from the date of providing such notice. All securities issued bear a legend restricting resale until September 5, 2015.
Under the current private placement, current insiders purchased 750,000 Units which, assuming exercise of Warrants, results in 1,125,000 shares being issued to such insiders, representing 1.19% of the outstanding shares of the Company. The foregoing is subject to regulatory approval.
The Company would like to thank its Shareholders for their continued support.
About Freegold Ventures Limited
Freegold is a TSX listed company focused on exploration in Alaska and holds the Golden Summit Gold Project, near Fairbanks as well as a 100% lease interest on the Shorty Creek Copper --Gold- Molybdenum Project near Livengood.
For further information:
Kristina Walcott-President and CEO
Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures, exploration programs and the potential for the discovery of high grade resources. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs