NevGold Announces Closing of Upsized C$1.5M Non-Brokered Private Placement Financing And Further Upsizes Offering To C$2.0M

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Vancouver, British Columbia, Jan. 05, 2024 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce a first tranche closing of the upsized non-brokered private placement financing (see News Release dated December 20, 2023) of 4,687,500 common shares of the Company (the “Common Shares”) at a price of C$0.32 per Common Share for gross proceeds of C$1.5M (the “Offering”). The Company also announces that as a result of strong demand, it is further upsizing the Offering to a maximum of 6,250,000 Common Shares to raise gross proceeds of up to C$2.0M.

NevGold CEO, Brandon Bonifacio, comments: “It is encouraging to see the broad demand for our no warrant financing, and the initial C$1.5M tranche had strong participation from current shareholders, including McEwen Mining Inc. (an existing strategic corporate shareholder), and new strategic investors. The financing proceeds will focus on some high-potential opportunities at Nutmeg Mountain and in the surrounding Hercules Copper District, both in Washington County, Idaho. We are looking forward to commencing field work, which will lead to an active 1H-2024. The NevGold platform has advanced significantly since publicly listing the company in June-2021, and we will continue to build on our oxide, heap-leach gold resource base in the Western USA, as well as other accretive opportunities to generate value for our shareholders.”

The Company expects to close the 2^nd tranche of the Offering on or about January 12, 2024. The Company intends to use the aggregate net proceeds raised from the Offering for general working capital purposes and advancing strategic efforts at the Nutmeg Mountain Project and in the surrounding Washington County, Idaho district.

NevGold will pay a cash finder’s fee of $17,400 and issue 54,375 non-transferable finder’s warrants (the “Finder Warrants”) to arm’s length finders in connection with the initial closing tranche. Each Finder Warrant entitles the holder thereof to acquire one common share in the capital of the Company at an exercise price of $0.32 per share until January 5, 2025.

All securities of the Company issued in connection with the initial closing of the Offering are subject to a hold period expiring on May 6, 2024 in accordance with applicable securities laws. The Offering is subject to the final approval of the TSX Venture Exchange (the “TSXV”).