Northern Freegold Closes First Tranche of Financing for $6 million
July 20, 2011 TSX.V: NFR
PR #11-07
NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Northern Freegold Closes First Tranche of Financing for $6 million
Vancouver, BC: July 20th, 2011. Northern Freegold Resources Ltd. (NFR: TSX-V) 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 $265,871.47, 265,871 warrants and 40,378 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
Signed "John Anderson"
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.