Investor demand for gold may not be near its heights, but demand for gold explorers evidently remains high. On Friday, Freeman Gold Corp (CSE: FMAN) revealed that it has upsized its previously announced non-brokered private placement due to demand.
Originally pegged at US$10.0 million, under the revised financing Freeman will now look to raise US$13.0 million under the current financing. The raise will see the company sell a total of 37.1 million units of the company at a price of US$0.31 per each.
Each unit contains one common share and one half warrant. Full warrants are valid for a period of five years from the date of issuance and contain an exercise price of US$0.65 per share.
Proceeds from the offering are to be used to further develop the firms flagship Lemhi gold project in Idaho, including the expansion of the resource, drilling, further studies, and general corporate activities.
The financing is currently slated to close in late November.
Freeman Gold last traded at $0.465 on the CSE.
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