Business
NevGold Announces Closing of Second Tranche of Upsized C$2.35M Non-Brokered Private Placement Financing and Announces Shares-for-Debt Transaction
Vancouver, British Columbia, Feb. 16, 2024 (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, Feb. 16, 2024 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce closing of a second and final tranche of a non-brokered private placement financing (see previous News Releases dated December 20, 2023 and January 5, 2024) of 2,656,250 common shares of the Company (the “Common Shares”) issued at a price of C$0.32 per Common Share for gross proceeds of C$850k (the “Offering”). The Company increased the total size of the Private Placement to $2.35 million gross proceeds due to investor interest. A total of 7,343,750 Common Shares were issued under the first and second tranches for $2.35 million gross proceeds. NevGold CEO, Brandon Bonifacio, comments: “It is positive to see further demand for our no-warrant financing with strong participation from existing and new shareholders. The financing proceeds will be directed to high-potential opportunities at Nutmeg Mountain and other strategic efforts in the adjacent Hercules Copper District in Washington County, Idaho. We look forward to commencing field work which will lead to a very active 1H-2024 for the Company. The NevGold platform has made significant advances since our initial public listing in June-2021, and we will continue to build on our oxide, heap-leach gold resource base in the Western USA, while considering other value-generating opportunities for shareholders.” The Company intends to use the aggregate net proceeds raised from the Offering for general working capital purposes and advancing strategic efforts at the Nutmeg Mountain Project and in the surrounding Washington County, Idaho district. NevGold paid a cash finder’s fee of C$25,920 and issued 81,000 non-transferable finder’s warrants (the “Finder Warrants”) to an arm’s length finder in connection with the second closing tranche. Each Finder Warrant entitles the holder thereof to acquire one Common Share at an exercise price of C$0.32 per share until February 16, 2025. All securities of the Company issued in connection with the second tranche of the Offering are subject to a hold period expiring on June 17, 2024 in accordance with applicable securities laws. The Offering is subject to the final approval of the TSX Venture Exchange (the “TSXV”). Robert McKnight (the \"Insider\"), Executive VP and Chief Financial ...