Mr. Will Randall reports
FREEMAN GOLD CORP. ANNOUNCES $6.5 MILLION BOUGHT DEAL PUBLIC OFFERING
Freeman Gold Corp. has entered into an agreement with Canaccord Genuity Corp. and Stifel GMP, as co-lead underwriters, on behalf of a syndicate of underwriters whereby the underwriters have agreed to purchase, on a bought-deal basis pursuant to the filing of a short-form prospectus, an aggregate of 13 million common shares at a price of 50 cents per share for aggregate gross proceeds to the company of $6.5-million. The company has granted the underwriters an option to purchase up to an additional 1.95 million shares at a price of 50 cents per share, exercisable at any time, for a period of 30 days after and including the closing of the offering, which would result in additional gross proceeds of $975,000.
The shares will be offered by way of a short-form prospectus to be filed in all provinces of Canada except Quebec and may also be offered by way of private placement in the United States and in such other jurisdictions outside of Canada and the United States as agreed between the company and the underwriters.
The offering is expected to close on or about July 15, 2020, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.
Freeman intends to use the proceeds of the offering for exploration work on the company's Lemhi gold project in Idaho and its Comstock property in British Columbia, with additional proceeds utilized for general and administrative expenses and working capital.
Additionally, the company announces that Kelvin Lee has been appointed as the chief financial officer of the company, effective June 17, 2020, previously holding the position of vice-president, finance, of the company. Mr. Lee is a CPA (CGA) having over 15 years experience as controller, chief financial officer and other senior financial positions with a number of listed issuers. Steve Mathiesen has resigned as a director and officer of the company to pursue other endeavours.
About Freeman Gold Corp.
The company is a mineral exploration company focused on the acquisition, exploration and development of mineral properties in Canada and the United States. The company has two mineral projects, the Lemhi gold project located in Idaho, comprising over 7,500 acres of patented and unpatented claims, and the Comstock property located near Merritt, B.C.
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