NV Gold closes $50,000 private placement and debt settlement

NV Gold Corporation (TSXV:NVX)(OTCQB: NVGLF)(FSE:8NV) closed the second and final tranche of its private placement and a debt settlement transaction, according to a company statement.

The Vancouver-based exploration company issued 277,777 units at $0.18 per unit in the second tranche, raising approximately $50,000. Each unit includes one common share and one warrant exercisable at $0.40 per share for 24 months.

Combined with the first tranche closed November 5, which raised $616,199 through 3,423,330 units, NV Gold has raised total gross proceeds of approximately $666,199 from 3,701,107 units sold.

The company plans to use second tranche proceeds for exploration at its Slumber Gold Project and for working capital and general corporate purposes.

In the debt settlement, NV Gold issued 1,310,384 common shares at a deemed price of $0.18 per share to settle $167,160.50 owed under a loan agreement with Mr. Watson, including accrued interest. The settlement was approved by the TSX Venture Exchange.

The debt settlement qualifies as a related party transaction under securities regulations but is exempt from formal valuation and minority approval requirements as the transaction value does not exceed 25% of the company's market capitalization.

All securities from both transactions are subject to a four-month plus one day statutory hold period. The second tranche remains subject to final TSX Venture Exchange approval.

NV Gold operates 21 exploration projects in Nevada comprising 639 mining claims totaling 53.4 square kilometers.

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