BEDFORD, NS / ACCESSWIRE / June 26, 2019 / NSGold Corporation (TSXV:NSX) ("NSGold" or the "Company") has undertaken a non-brokered private placement financing to raise up to $150,000 by the sale of units of the Company at a price of $0.08 per unit. Each unit will comprise one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share of the Company for $0.10 for a period of 36 months from the closing date. The private placement is expected to close on or before July 15, 2019. The common shares and warrants issued at closing will be subject to a four-month hold period.
NSGold's largest shareholder, Van Hoof Industrial Holdings Ltd. ("VHIH"), has confirmed that it will participate in the private placement financing. VHIH is controlled by Hans van Hoof, Chief Executive Officer and Chairman of NSGold. VHIH owns 49.2% of the issued and outstanding shares of NSGold. Other NSGold insiders may also participate in the private placement.
The proceeds from the private placement will be used for maintaining the Mooseland Gold Property in Nova Scotia and for general working capital purposes. The private placement is subject to TSX Venture Exchange and other required regulatory approval.
Mooseland Gold Property
NSGold's core asset is the 100% owned Mooseland Gold Property located in Halifax County, Nova Scotia, approximately 13 kilometers from Atlantic Gold Corporation's (TSXV:AGB) producing Moose River Consolidated Gold Mine. The Mooseland gold deposit occurs within a typical Meguma structure with steeply dipping limbs. The gold bearing quartz veins at Mooseland occur on both limbs of the fold with similar widths and grades. Total inferred mineral resources for the Mooseland Gold Project are estimated at 454,000 ounces of gold using a cut-off grade of 2.6 grams per tonne (see NSGold news release dated June 5, 2012).
Perry MacKinnon P. Geo., Chief Geologist for NSGold, a qualified person as defined by National Instrument 43-101, has reviewed and approved the scientific information provided in this news release.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
(Not for distribution to US wire services or for dissemination in the United States of America)
SOURCE: NSGold Corporation