NFX Gold Inc.

NFX Gold Inc.

July 12, 2007 16:51 ET

NFX Completes $250,000 Financing with MineralFields

TORONTO, ONTARIO--(Marketwire - July 12, 2007) -


NFX GOLD INC. (TSX VENTURE:NFX) ("NFX" or the "Company") is pleased to announce that it has completed its previously announced non-brokered private placement (the "Private Placement") with the MineralFields Group of 1,000,000 Flow-Through Units (the "Units") issued on a "flow-through" basis under the Income Tax Act (Canada) at a price of 25 cents per Unit, for gross proceeds to the Company of $250,000.

Each Flow-Through Unit consists of one common share (the "Common Shares") to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one half of one non-transferable share purchase warrant of the Company (the "Unit Warrants"). Each Unit Warrant has a term of 18 months and entitles the holder to purchase one Common Share at a price of $0.40 per share.

All securities issued pursuant to the Private Placement are subject to a four-month hold period. In connection with the Private Placement, the Company paid a finder's fee equal to 5% of the completed Private Placement, and further, the Company issued finder's fee share purchase options on the same terms as the subscriber's units, equal to 10% of the number of Units subscribed for, to an arm's length party.

The net proceeds of the Private Placement are to be used for NFX exploration, other than at the Larder Lake Properties, where Maximus Ventures Ltd. ("Maximus") is currently conducting a 10,000 metre drilling program pursuant to the NFX/Maximus $6 million option and joint venture agreement.

About MineralFields, Pathway and First Canadian Securities®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at First Canadian Securities® is active in leading resource financings (both flow-through and hard dollar)on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group".

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • NFX Gold Inc.
    Thomas G. Larsen
    President and Chief Executive Officer
    (416) 360-8006
    (416) 361-1333 (FAX)
    NFX Gold Inc.
    Jorge Estepa
    Vice President
    (416) 360-8006
    (416) 361-1333 (FAX)