NV Gold Closes Oversubscribed Private Placement
Tuesday, May 26, 2020 9:15 AM
VANCOUVER, BC / ACCESSWIRE / May 26, 2020 / NV Gold Corporation (TSXV:NVX)(OTC PINK:NVGLF) ("NV Gold" or the "Company") is pleased to announce that it has closed its non-brokered private placement, previously announced on May 11th, 2020, and subsequently increased on May 14, 2020, of $1,189,220 (the "Placement").
"We appreciate the strong investor interest in NV Gold, and the subsequent closing of an oversubscribed private placement. In addition, we would like to welcome new strategic shareholders including GoldSpot Discoveries Corp. (TSXV: SPOT), and two large resource focused funds. Our technical team is now finalizing our 2020 exploration plans, which is anticipated to commence in the next few weeks," commented Peter A. Ball, President and CEO of NV Gold.
The Company sold 8,494,429 units (the "Units") at CDN$0.14 per Unit. Each Unit consists of one Share and one-half of one Warrant, each whole Warrant exercisable to acquire one common share at CDN$0.20 per share until May 25, 2022.
The proceeds of the Placement will be used by the Company for the advancement of the Slumber and Sandy Gold Projects, other existing properties, potential acquisition of new properties, and for general working capital. The Company paid finder's fees totaling CDN$5,684 and issued 40,600 finder's warrants in respect of subscriptions under the private placement. Each finder's warrant is exercisable to acquire one common share at CDN$0.20 per share until May 25, 2022.
The common shares forming part of the Units and any shares issued upon exercise of the Warrants or the finder's warrants are subject to a hold period which expires on September 26, 2020.
About NV Gold Corporation
NV Gold is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries and project advancement. Leveraging its highly experienced in-house technical knowledge, NV Gold's geological team intends to utilize its geological databases, which contain a vast treasury of field knowledge spanning decades of research and exploration, combined with a portfolio of mineral properties in Nevada, to prioritize key projects for focused exploration programs.
On Behalf of the Board of Directors,
Peter A. Ball
President and CEO
For further information, visit the Company's website at www.nvgoldcorp.com or contact:
Peter A. Ball, President & CEO
Email: [email protected]
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements
This news release includes certain forward-looking statements or information. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the proposed uses of such funds and other future plans and objectives of the Company, including exploration plans at the Slumber and Sandy Gold Projects or other properties, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's plans or expectations include regulatory issues, market prices, availability of capital and financing, general economic, market or business conditions, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
SOURCE: NV Gold Corporation