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Nexus Gold Completes Initial Tranche of Private Placement Financing
(via TheNewswire) Vancouver, Canada - TheNewswire - December ...
About this update from Nexus Gold Corp.
[{"type":"text","content":"Nexus Gold Completes Initial Tranche of Private Placement Financing(via TheNewswire)\n \n \nVancouver, Canada - TheNewswire - December 24, 2019 - Nexus Gold Corp. (\"Nexus\" or the \"Company\") (TSXV:NXS) (OTC: NXXGF) (FSE:N6E) is pleased to announce that it has completed an initial tranche of its non-brokered private placement through the issuance of 6,249,000 non-flow-through units (the \"Non-Flow Through Units\") at a price of $0.05 per Non-Flow-Through Unit, and 4,981,364 flow-through units (the \"Flow-Through Units\") at a price of $0.055 per Flow-Through Unit. In connection with completion of the initial tranche, the Company raised gross proceeds of $586,425.\n\n\n \nEach Non-Flow-Through Unit, and each Flow-Through Unit, consist of one common share of the Company and one common share purchase warrant (each, a \"Warrant\") entitling the holder to purchase an additional share at a price of $0.07 for a period of sixty (60) months.\n\n\n \nThe Company intends to complete further tranches of the placement and will provide additional information as soon as it becomes available. The Company anticipates utilizing the proceeds of the private placement to advance exploration and drilling efforts at the Company's McKenzie Gold Project, located in Red Lake, Ontario, and the Dakouli 2 Gold Concession, located in Burkina Faso, West Africa.\n\n\n \nIn connection with closing of the initial tranche, the Company has paid finders' fees of $47,963, and issued 923,045 Warrants to certain parties who have assisted the Company by introducing subscribers to the placement.\n\n\n \nThe Company also announces that it has reached an agreement with an arms'-length creditor to settle outstanding indebtedness owing by the Company in the amount of $50,000. In accordance with the terms of the settlement, the Company has agreed to issue 1,000,000 Non-Flow-Through Units, at a price of $0.05 per Non-Flow-Through Unit, to the creditor.\n\n\n \nAll securities issued in connection with the private placement, and the debt settlement, will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law. Closing of further tranches of the private placement, and completion of the debt settlement, remains subject to approval of the TSX Venture Exchange.\n\n \n \nAbout the Company\n\n\n \nNexus Gold is a Canadian-based gold...