02:28 PM EDT, 04/03/2025 (MT Newswires) -- Freegold Ventures ( FGOVF ) on Thursday closed its upsized brokered private placement offering for proceeds of $42 million, which includes the exercise in full of the agent's option for additional gross proceeds of $5.5 million.

The company also entered into an agency agreement between Freegold ( FGOVF ) and Paradigm Capital, the agent. In accordance with the agreement, 49.4-million units of the company were issued at $0.85 per unit.

Each Unit is comprised of a share and one-half of warrant. Each warrant is exercisable to buy a share for 24 months from today's date at a price of $1.30.

Freegold ( FGOVF ) plans to use proceeds from the offering for general working capital and corporate purposes, with a primary focus on advancing the Golden Summit project. The company expects drilling at Golden Summit to resume next month and added that an updated Mineral Resource Estimate is anticipated later in the second quarter, once the assays from the 2024 drill program have been finalized.

Canadian billionaire Eric Sprott, through an entity owned and controlled by him, bought about 14.8-million units in the offering, representing 30% of the units issued under the offering.

Shares of the company were last seen down about $0.04t $0.80 on the Toronto Stock Exchange.

Price: 0.81, Change: -0.03, Percent Change: -3.57