VANCOUVER, BRITISH COLUMBIA--(Marketwired - June 20, 2016) - John E. Watson announces that he has acquired ownership and control of 1,580,592 common shares (the "NVX Shares") of NV Gold Corporation (TSX VENTURE:NVX) ("NVX") upon the conversion of C$102,738.53 in debts of NVX at C$0.065 per share. The 1,580,592 shares so acquired represent 15.6% of the outstanding NVX shares. Mr. Watson, the President and Chief Executive Officer of NVX, now owns 4,525,792 common shares of NVX, options to purchase 15,000 common shares of NVX and warrants to purchase 100,000 common shares of NVX. The common shares of NVX held by Mr. Watson represent approximately 38.6% of the outstanding shares of NVX and, if Mr. Watson exercised his options and warrants in full, he would hold approximately 39.2% of the outstanding shares of NVX. Mr. Watson held 2,945,200 common shares, representing 29% of the outstanding shares, and the options and warrants to purchase 115,000 common shares of NVX before these acquisitions and is not acting jointly or in concert with any person.
The 1,580,592 NVX Shares issued upon conversion of debt were issued in a private transaction and are subject to a hold period expiring on October 17, 2016.
Mr. Watson acquired the NVX Shares issued on conversion of the debt for the purposes of improving the working capital position of NVX. Mr. Watson does not presently intend to make further investments in NVX. However, Mr. Watson may exercise his options at his discretion and may participate in future financings of NVX in the future.
A copy of the related early warning report filed with the British Columbia and Alberta Securities Commissions may be obtained from the SEDAR website (www.sedar.com) or by contacting Ron Schmitz of NVX at (604) 685-7450.
"John E. Watson"
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