Toronto, Ontario - September 18, 2020 (Newsfile Corp.) (Investorideas.com Newswire) On September 18, 2020, Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, acquired a total of 40,032,226 common shares of Freegold Ventures Limited ( Company) and 20,016,113 common share purchase warrants pursuant to the conversion of subscription receipts originally acquired on May 26, June 2 and July 29, 2020. After conversion, Mr. Sprott now beneficially owns and controls 78,948,504 common shares and 37,162,502, common share purchase warrants representing approximately 24.2% of the outstanding common shares on a non-diluted basis and 31.9% on a partially diluted basis assuming exercise of all such warrants. This represents an increase of approximately 8.3% on a non-diluted basis and 10.5% on a partially diluted basis from what was reported in the previously filed Early Warning Report of July 30, 2020 (without assuming conversion of the subscription receipts). Prior to the conversion, Mr. Sprott beneficially owned and controlled 38,916,278 common shares, 17,146,502 common share purchase warrants and 40,032,226 Subscription receipts each convertible into one common share and one-half of one common share purchase warrant (representing approximately 14.6% of the then outstanding common shares on a non-diluted basis and 31.9% on a partially diluted basis assuming exercise of all such warrants and conversion of such subscription receipts).
The shares were acquired by Mr. Sprott, through 2176423 Ontario Ltd. for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company including on the open market or through private acquisitions or sell securities of the Company including on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. The Company is located at 888 - 700 West Georgia Street, Vancouver, British Columbia, V6Y 1G5. A copy of 2176423 Ontario Ltd.'s early warning report will appear on the Company's profile on SEDAR and may also be obtained by calling Mr. Sprott's office at 416-945-3294 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1)
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