Business
NevGold Announces Closing of Increased C$4.1M Financing
Vancouver, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased t
About this update from Nevgold Corp
[{"type":"text","content":" Vancouver, British Columbia, Dec. 05, 2022 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce that it has closed its previously announced brokered private placement financing of units (the “Units”) for gross proceeds of $4,101,885.90 (the “Offering”). GoldMining Inc. (TSX:GOLD, NYSE:GLDG) (“GoldMining”), NevGold’s largest shareholder, subscribed for $1,250,004 and owns approximately 13.1% of the issued and outstanding shares of the Company after the Offering. Each Unit, priced at $0.42 per Unit (the “Issue Price”), consists of one common share in the capital of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to purchase one Common Share at an exercise price of $0.60 until December 5, 2024. NevGold CEO, Brandon Bonifacio, comments: “We are thrilled to complete this timely financing prior to year-end which sets the company up for a very active start to 2023 at both Nutmeg Mountain in Idaho, and Limousine Butte in Nevada. Although the global financing markets have been extremely challenging, the increase from our initial $3.0 million target to a successful $4.1 million raise is a testament to our supporters and the growing NevGold platform. We are thankful for our existing shareholders including the lead order of $1.25 million from GoldMining Inc., and we have also added some significant new names to our shareholder registry through this financing. We will enter 2023 with a strong treasury position and we intend to start drilling immediately in January, which we expect to lead to many near-term catalysts over the first half of the year from our active field programs. It is also worth noting that we were the first public company in Canada to utilize the new National Instrument 45-106 – Prospectus Exemption. The ability to be nimble and move creatively and efficiently is a positive attribute of NevGold and was demonstrated in this scenario. Thank you to all of the external groups who supported the financing.” The Company issued an aggregate of 9,766,395 Units at a price of $0.42 per Unit pursuant to the Offering. The Company intends to use the net proceeds of the Offering for advancing its Limousine Butte (Nevada) and Nutmeg Mountain (Idaho) gold ...