NV Gold closes first tranche of private placement, raising $703K

NV Gold Corporation (TSXV: NVX)(OTCQB: NVGLF) announced the closing of the first tranche of a non-brokered private placement, issuing 1,759,052 units at $0.40 per unit for gross proceeds of $703,620.80.

Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant is exercisable at $0.80 per share and expires two years from the date of issuance.

All securities issued are subject to a statutory hold period expiring four months and one day after the closing. The company did not pay any finder's fees in connection with the offering.

The company stated that proceeds are expected to be used for an anticipated drill program and general working capital. A second tranche of the offering is expected to close within the next few weeks.

An insider participated in the offering and is considered a related party under Multilateral Instrument 61-101. The transaction is exempt from valuation and minority shareholder approval requirements under sections 5.5(b) and 5.7(a) of MI 61-101, as the fair market value of shares issued to the related party does not exceed 25% of the company's market capitalization.

NV Gold is a Vancouver, British Columbia-based mineral exploration company focused on properties in Nevada.

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