- Freeman Gold (FMAN) has raised approximately C$10.35 million to fund exploration work at its projects in Idaho, USA and British Columbia, Canada
- Pursuant to a bought deal public offering, the company issued a total of 20.7 million common shares at a price of 50 cents each
- The offering was led by Canaccord Genuity and Stifel GMP, along with PI Financial and INFOR Financial
- The proceeds raised will be used to fund exploration work at Lemhi gold project in Idaho, USA and its Comstock property in British Columbia, Canada
- Freeman Gold (FMAN) is currently down 5.08 per cent and is trading at 56 cents per share
Freeman Gold (FMAN) has raised approximately C$10.35 million to fund exploration work at its projects in Idaho, USA and British Columbia, Canada.
Under the terms of a bought deal public offering, which was originally announced on June 24, 2020, the Vancouver-based mineral exploration company issued a total of 20.7 million common shares at a price of $0.50 each.
Freeman Gold had initially sought to raise just $6.5 million through the issuance of 13 million common shares, but this was upsized to $9 million before closing oversubscribed for $10.53 million.
The offering was co-led by Canaccord Genuity and Stifel GMP in conjunction with PI Financial and INFOR Financial as underwriters. As consideration for their services, these parties received an aggregate of 1.4 million broker warrants, exercisable at a price of 50 cents per share until July 28, 2022.
The proceeds raised under the offering will be used to fund exploration work at Freeman Gold’s Lemhi gold project in Idaho, USA and its Comstock property in British Columbia, Canada. A portion may also be used for general and administrative expenses.
Will Randall, CEO and Director of Freemand Gold, thanked the company’s existing shareholders and new investors for their support.
“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,” he added.
Freeman Gold (FMAN) is down 5.08 per cent and is trading at 56 cents per share at 12:30pm EDT.