NV Gold closes $3-million private placement
2020-08-24 10:33 ET – News Release
Mr. Peter Ball reports
NV GOLD CLOSES CDN$3,000,200 NON-BROKERED PRIVATE PLACEMENT AND STRATEGIC INVESTMENT BY CRESCAT CAPITAL LLC
NV Gold Corp. has closed the $3,000,200 non-brokered private placement previously announced on Aug. 4, 2020. The Company sold 9,375,625 units (the “Units”) at CDN$0.32 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$0.40 per share until August 21, 2022.
“NV Gold continues to receive strong support from the investment community as we advance our property portfolios in British Columbia and Nevada. The Company is currently executing three concurrent exploration programs at the Exodus, Sandy and Slumber Gold Projects, and expects to announce news on the key catalysts throughout the Fall,” commented Peter A. Ball, President and CEO of NV Gold. “We would also like to welcome Crescat Capital LLC as one of the Company’s newest large shareholders, alongside existing holders Eric Sprott and NV Gold’s Chairman, John Watson.
Kevin Smith, Crescat’s founder and CIO, said, “We are enthusiastic about NV Gold’s exploration assets in both Nevada and British Columbia and excited to be working with the Company’s highly accomplished board of directors and technical team.”
Crescat Capital LLC (“Crescat”) acquired 3,125,000 Units in the Placement and the Company has granted Crescat a right to participate in future equity financings of the Company to allow it to maintain its pro-rata ownership of the common shares of the Company, for as long as Crescat holds at least 5% of the Company’s common Shares. Crescat previously purchased 2,000,000 Units of the Company in its private placement which closed May 26th, 2020, and now holds 5,125,000 common shares of NV Gold, warrants to purchase 2,562,500 common shares.
The net proceeds of the Placement will be used by the Company for the advancement of the Exodus, Slumber and Sandy Gold Projects, and for general working capital. The Company paid finder’s fees totaling CDN$73,908.80 and issued 230,965 finder’s warrants in respect of subscriptions under the private placement. Each finder’s warrant is exercisable to acquire one common share at CDN$0.40 per share until August 21, 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 December 21, 2020.
About NV Gold Corporation
NV Gold (TSXV: NVX, US: NVGLF) is a junior exploration company based in Vancouver, British Columbia that is focused on delivering value through mineral discoveries in North America, leveraging its highly experienced in-house technical knowledge, and identifying and drilling 2-3 priority projects per year. NV Gold controls multiple drill-ready projects in Nevada, and has entered into an Option Agreement on the high-grade Exodus Gold Project in British Columbia, Canada.
We seek Safe Harbor.
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