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GoldMining Options The Almaden Property to NevGold for Total Consideration of $16.5 Million AND Makes Strategic Investment in NevGold
GoldMining Options The Almaden Property to NevGold for Total Consideration of $16.5 Milli...
About this update from Nevgold Corp
[{"type":"text","content":"\n \n \n \n GoldMining Options The Almaden Property to NevGold for Total Consideration of $16.5 Million AND Makes Strategic Investment in NevGold\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n This news release constitutes a \"designated news release\" for the purposes of the Company's prospectus supplement dated\n \n December 10, 2021\n \n to its short form base shelf prospectus dated\n \n October 27, 2021\n \n .\n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n June 14, 2022\n \n \n /CNW/ - GoldMining Inc. (the \"\n \n Company\n \n \" or \"\n \n GoldMining\n \n \") (TSX: GOLD) (NYSE American: GLDG) is pleased to announce that it has entered into an option agreement (the \"\n \n Option Agreement\n \n \") with NevGold Corp. and its subsidiary (\"\n \n NevGold\n \n \"; (TSXV: NAU) whereby NevGold's subsidiary may acquire a 100% interest in the Company's Almaden Project, located in\n \n Idaho, U.S.A.\n \n The Agreement provides for total cash and/or share consideration to the Company from NevGold of up to\n \n C$16.5 million\n \n , which is comprised of initial consideration of\n \n C$3 million\n \n , additional payments of\n \n C$6.0 million\n \n to exercise the Option and further contingent payments of up to\n \n C$7.5 million\n \n tied to success-based project milestones.\n \n \n \n Key Option Agreement Highlights\n \n \n \n \n On closing, NevGold will issue 4,444,444 common shares of NevGold (the \"\n \n NevGold Shares\n \n \") to GoldMining representing\n \n C$3 million\n \n of value at a price equal to\n \n C$0.675\n \n per share, representing approximately 10.6% of the outstanding NevGold Shares as of the date hereof;\n \n \n GoldMining will subscribe for an additional\n \n $1 million\n \n of NevGold Shares at\n \n $0.675\n \n /share for 1,481,481 common shares on closing of the Option Agreement, and commits to a further lead order in a future financing by NevGold completed by\n \n November 30, 2022\n \n in an amount to the lesser of\n \n C$1.25 million\n \n and 40% of the total gross proceeds raised by NevGold ...