NV Gold closes $645,000 private placement

Executive Summary

• NV Gold Corp. has completed the closing of its previously announced non-brokered private placement.
• The company issued 3,225,000 units at a price of $0.20 per unit, raising gross proceeds of $645,000.
• Proceeds are designated for general working capital, and the transaction involved an insider/related party participant.

Key Details

• Units Issued: 3,225,000 units.
• Price Per Unit: $0.20 CAD.
• Gross Proceeds: $645,000.
• Warrant Terms: Each unit includes one transferable common share purchase warrant.
  • Exercise Price: $0.50 per share.
  • Expiration: Two years from the date of issuance.
  • Acceleration Clause: The company may accelerate the expiry of warrants if the closing price of shares exceeds $0.50 for three consecutive trading days, occurring four months and one day after the TSX Venture Exchange closing. Notice results in expiry on the 30th day after notice.
• Statutory Hold Period: All securities are subject to a hold period expiring four months and one day after the closing of the offering.
• Finder’s Fees: Cash finder fees of $2,400 were paid to one eligible finder.
• Use of Proceeds: General working capital.
• Related Party Transaction: An insider participated in the offering. The transaction is exempt from the valuation requirement and minority shareholder approval requirements of Multilateral Instrument 61-101 (MI 61-101) because the company’s shares are not listed on a specified market and the fair market value of consideration to the related party does not exceed 25% of the company's market capitalization.

Notable Quotes

• None provided in the text.