VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 26, 2016) -
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NV Gold Corporation (TSX VENTURE:NVX) (the "Company") announced today that it is increasing its non-brokered private placement of units of the Company originally announced on August 11, 2016 due to over-subscriptions. The Company now proposes to raise gross proceeds of a maximum of CDN$550,000 and a minimum of CDN$350,000 (the "Placement"). The Placement is being undertaken to satisfy the terms of the Company's proposed obligation to raise CDN$350,000 under its proposed acquisition of the Nevada assets of Redstar Gold Corp. ("Redstar") originally announced on August 2, 2016.
The Placement is an offering of up to 2,750,000 units (the "Units") at CDN$0.20 per Unit. Each Unit consists of one Share and one-half of one Warrant exercisable at CDN$0.40 per share for two years from issue of the Units. 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$0.60 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.
Closing of the Placement is conditional on a minimum of CDN$350,000 being raised in the offering, the closing of the acquisition of Redstar's Nevada assets as contemplated by the LOI described in the August 2, 2016 news release and acceptance of the TSX Venture Exchange. The proceeds of the Placement will be used by the Company for review of the AngloGold Ashanti database it proposes to acquire, for mining claims maintenance costs of the Nevada properties it proposes to acquire, preliminary exploration on certain of the Nevada properties it proposes to acquire, exploration at its Surselva property and for general working capital. John Watson, CEO of the Company has confirmed he will subscribe to a lead order of the Placement for up to CDN$100,000.
About NV Gold Corporation
NV Gold is junior exploration company based in Vancouver, British Columbia that is planning to focus on delivering value through mineral discoveries utilizing the prospector generator model. Leveraging its highly experienced in-house technical knowledge, NV Gold's geological team intends to use the database it proposes to acquire from Redstar, which contains a vast treasury of field knowledge spanning decades of research and exploration, combined with the eleven (11) gold projects it proposes to acquire from Redstar, to uncover opportunities for lease or joint venture in the Great Basin region that have been overlooked.
On behalf of the Board of Directors,
John E. Watson, President and CEO
For further information, visit the Company's website at www.nvgoldcorp.com.
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.
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 acquisition of the Redstar's Nevada assets and the terms of such acquisition, the proposed raising of up to CDN$500,000 and the proposed uses of such funds, the potential to uncover opportunities for lease or joint venture in the Great Basin region and other future plans and objectives of the Company, including exploration plans, 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.