05:20 PM EDT, 10/02/2024 (MT Newswires) -- Freeman Gold ( FMANF ) after trade Wednesday said it is raising $3.6 million in a fully subscribed private placement of share units.

The company said it is place 60-million units in the financing, with each priced at $0.06 and made of of a shares and a nine-month warrant to buy a second share for $0.08.

Proceeds will be used to fund an initial feasibility study on the Lemhi Gold project. The study will build on the initial 2023 preliminary economic assessment showing robust economics, and supports the decision to advance the Lehmi project to feasibility stage and permitting for construction.

Also, the company said chief executive William Randall is stepping down but will remain on its board. Randall is succeeded in the roll by Bassam Moubarak, the company's chief financial officer on an interim basis. He will continue to act as CFO while Freeman undertakes a search for a replacement.

The company's shares closed up $0.005 to $0.085 on the TSX Venture Exchange.