NevGold upsizes private placement to C$42m to advance US gold projects
Owing to strong demand, TSX-V-listed mining exploration and development company NevGold has agreed with investment firm Clarus Securities to increase the size of its previously announced C$25-million “best efforts” private placement offering.
Pursuant to the upsized deal terms, Clarus has agreed to sell on a “best efforts” private placement basis up to 22-million common shares of NevGold at a price of C$1.90 apiece for aggregate gross proceeds of up to C$42-million to NevGold.
NevGold intends to use the net proceeds of the offering for advancing its US-based Limousine Butte antimony/gold project in Nevada, and the Nutmeg Mountain gold project in Idaho, as well as for working capital and general corporate purposes.
The offering is expected to close on or about May 12 and is subject to the receipt of all necessary regulatory and other approvals.
The common shares will be subject to a hold period of four months and one day from the closing date in accordance with applicable securities laws.
