Freeman Gold Corp (CSE: FMAN) has closed its previously announced bought deal public offering on an oversubscribed basis for total gross proceeds of $10.35 million. A total of 20.6 million common shares were issued in connection with the offering.
Units sold under the offering were priced at $0.50 a piece, with each unit containing only a common share, and no accompanying warrant – a sign of strength relative to its peers.
Proceeds from the offering will be used for further exploration work on Freeman’s Lemhi Gold project in Idaho, as well as its Comstock property in British Columbia. Additional proceeds not used for exploration will be used for working capital and general and administrative expenses.
“We thank existing shareholders, new investors and the syndicate of Underwriters for their support via this oversubscribed bought deal financing. The strong demand is a testament to the quality and potential of the Lemhi gold project located in Idaho, USA. These funds will allow Freeman to complete a work program as the Company works toward a maiden National Instrument 43-101 compliant gold mineral resource estimate, focusing on near surface, oxide material defined by previous operators. We look forward to keeping you updated as we progress.”
Will Randall, CEO of Freeman Gold Corp
Freeman Gold Corp last traded at $0.60 on the CSE.
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