04:05 PM EDT, 03/26/2024 (MT Newswires) -- Freegold Ventures ( FGOVF ) on Tuesday said it closed a private placement of share units that raised C$10 million.

The junior mining company said it 25-million units in the brokered financing, with each priced at C$0.40 and made up of a share and one half of a two-year warrant to buy a second share for C$0.52.

Mining financier Eric Sprott acquired 6.75 million units in the placement, raising his stake in the company to 28.7% on a partially diluted basis, up from 28.2%.

"The company intends to use the net proceeds from the offering to fund exploration activities on the company's mineral projects in Alaska , and for general working capital and corporate purposes," it noted.

Freegold ( FGOVF ) shares closed unchanged at C$0.39 on the Toronto Stock Exchange.