- NevGold Corp. (NAU) has announced a non-brokered private placement of flow-through units for proceeds of approximately $1M
- FT units, consisting of one FT common share and one half of one share purchase warrant, will be offered at at a price of C$0.65
- The gross proceeds raised will be used for general exploration expenditures
- The offering is expected to close on or about July 29, 2022
- NevGold Corp. (NAU) is down 3.33 per cent on the day, trading at C$0.58 per share at 12:30 pm ET
NevGold Corp. (NAU) has announced a non-brokered private placement of flow-through units for proceeds of approximately $1M.
Each flow-through unit will consist of one flow-through common share and one half of one transferable non-flow-through share purchase warrant. Each whole warrant will be exercisable to acquire one additional non-flow-through common share for 24 months at an exercise price of $0.85.
NevGold CEO, Brandon Bonifacio, commented on the capital raise.
“The C$1M flow-through financing at an approximate 20 per cent premium to market will limit dilution and ensures the hard dollars the company has raised to date can be laser focused on our Western USA projects including Nutmeg Mountain and Limousine Butte. Our Ptarmigan project in BC is a very prospective, high-grade silver-gold-copper-lead-zinc project with significant historical work to leverage including 14,000 meters of core drilling, geophysical and geochemical analysis, and metallurgical testwork.
We have completed a robust data interpretation process over the past 12 months, and we have identified a number of high-grade drill targets within the large 93 km2land package. Our goal is to conduct a meaningful field program over the next 6 to 12 months to daylight the value of a project that gets zero value ascribed in our current project portfolio.”
He added,
“With treasury and the recently closed first tranche of C$1M with GoldMining on July 5, and the potential flow-through raise of C$1M, the company is well-funded to continue to further advance our projects. This also removes any near-term financing requirements, which is a favorable position to be in considering the current market conditions and that we are also expecting further assays shortly from the drill program at our Limousine Butte project in Nevada.”
The gross proceeds raised will be used for general exploration expenditures.
The offering is expected to close on or about July 29, 2022. All units issued will be subject to a statutory four-month hold period.
NevGold is an exploration and development company targeting large-scale mineral systems in the proven districts of Nevada, Idaho, and British Columbia. NevGold owns a 100 per cent interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Ptarmigan silver-polymetallic project in Southeast BC, and has an option to acquire 100 per cent of the Nutmeg Mountain gold project in Idaho.
NevGold Corp. (NAU) is down 3.33 per cent on the day, trading at C$0.58 per share at 12:30 pm ET.