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August 2,
2012 (Vancouver, BC) -- Freegold
Ventures Limited (TSX:FVL Frankfurt:
FR4N) ("Freegold") is pleased to
announce that it has received
subscription agreements for the first
closing of a non-brokered private
placement of 3,311,957 ("Units"), priced
at $0.56 per Unit. 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 $0.65 for a period of 18 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 $0.90 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 December
3, 2012.
A finder's fee of 7% cash, 7% finder's
warrants and/or 8% cash will be paid on
a portion of the placement. 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 the exploration of gold projects in
Alaska. In addition to the Golden Summit
Gold Project, the company holds a 100%
in lease interest in the Rob Gold
Project near the Pogo Gold Mine in the
Goodpaster Mining District of Alaska and
has an exploration agreement with option
to lease the Vinasale Gold project in
central Alaska.
Kristina
Walcott-President and CEO
Telephone:
1.604.662.7307
jkw@freegoldventures.com
Some statements in this
news release contain forward-looking
information, including without
limitation statements as to planned
expenditures and exploration programs.
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
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