Vancouver, British Columbia – NV Gold Corporation (TSX.V: NVX) (the “Company”) announced today that it has closed on subscriptions for 2,723,000 in Units at CDN$0.30 per Unit of the non-brokered private placement of Units of the Company originally announced on November 2, 2016 (the “Placement”) for gross proceeds of CDN$816,900.
Each Unit issued consists of one Share and one-half of one Warrant exercisable at CDN$0.60 per share until November 22, 2018. The expiry date of each whole Warrant is subject to acceleration such that, should the volume weighted average price of the common shares of the Company exceed CDN$1.00 for ten consecutive trading days, the Company may notify the holder in writing that the Warrants will expire 20 trading days from receipt of such notice unless exercised by the holder before such date. The Units and any shares of the Company issued on exercise of the Warrants forming part of the Units are subject to a hold period expiring on March 23, 2017.
The proceeds of the Placement will be used by the Company for review of the AngloGold Ashanti database covering Nevada that it recently acquired, for new property acquisition, for exploration of properties and for general working capital. The Company paid a fee of CDN$42,000 in respect of market advisory services relating to the Placement.
John Watson, CEO of the Company subscribed to the Placement for CDN$90,000 and was issued 300,000 Units.
On behalf of the Board of Directors,
(sgd.) "John E. Watson"
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
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 funds raised, 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.