Northern Freegold Closes First Tranche of Financing for $6 Million

Northern Freegold Resources Ltd. (TSXV:NFR) reports that it has closed the first tranche of the private placement announced on July 18^th, 2011.

The press release is quoted as saying:

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 $264,821.47, 264,821 warrants and 134,593 units in finder’s fees were paid in connection with the financing. The finder’s fee warrants have the same terms as the Units.

Click here to access the entire news release.

Click here to access Northern Freegold’s company profile.(TSXV:NFR)