Freeman Gold (CSE: FMAN) has closed its previously announced financing. The strategic funding saw gross proceeds of $3.0 million raised for the firm to continue the development of its flagship Idaho property.
The offering saw a total of 11.5 million units of the company sold at $0.26 per unit. Each unit sold under the offering contains one common share and one common share purchase warrant. Warrants are valid for three years from the date of issuance and contain an exercise price of $0.35 per share.
Warrants issued under the offering also contain an acceleration clause, enabling the company to accelerate their expiry in the event the equity trades above $0.80 for a period of ten consecutive days.
Sponsored · Cambria Gold Mines
Proceeds from the financing are to be used for exploration, further studies, and resource development of the Lemhi Project, as well as for general corporate purposes.
The closing of the financing follows the company last Thursday announcing that it has appointed mining legend Paul Matysek as Executive Chairman of the Board. Matysek has a number of successful mining transactions under his belt, selling numerous resource firms for an aggregate figure in excess of $2.5 billion.
Freeman Gold last traded at $0.40 on the CSE.
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