- NevGold (NAU) announced the closing of its upsized C$4.1M financing
- GoldMining (NevGold’s largest shareholder) subscribed for $1,250,004 and owns approximately 13.1 per cent of the shares
- The company intends to use the net proceeds for advancing its Limousine Butte (Nevada) and Nutmeg Mountain (Idaho) gold projects, working capital and general corporate purposes
- NevGold (NAU) is an exploration and development company targeting large-scale mineral systems in Nevada, Idaho, and British Columbia
- NevGold (NAU) is trading at C$0.36 as of 1:15 pm ET
NevGold (NAU) announce the closing of increased C$4.1M financing.
GoldMining (NevGold’s largest shareholder) subscribed for $1,250,004 and owns approximately 13.1 per cent of the issued and outstanding shares of the company after the offering. Each unit, priced at $0.42, consists of one common share and half of one common share purchase warrant. Each Warrant entitles the holder to purchase a share at $0.60 until December 5, 2024.
NevGold CEO, Brandon Bonifacio, commented on the successful capital raise.
“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, 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. We expect to lead to many near-term catalysts over the first half of the year from our active field programs.”
The company issued 9,766,395 units at $0.42 per unit. The company intends to use the net proceeds for advancing its Limousine Butte (Nevada) and Nutmeg Mountain (Idaho) gold projects, working capital and general corporate purposes. The agents received a $154,385 cash commission and 342,430 non-transferable compensation options. No fees were payable on the lead order from GoldMining.
Bonifacio goes on to say:
“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.”
NevGold (NAU) is an exploration and development company targeting large-scale mineral systems in Nevada, Idaho, and British Columbia.
NevGold (NAU) is trading at C$0.36 as of 1:15 pm ET.