NV Gold closes private placement, raises $868,071

NV Gold Corporation (TSXV: NVX)(OTCQB: NVGLF)(FSE: 8NV) has closed a non-brokered private placement, issuing 2,893,572 units at $0.30 per unit for gross proceeds of $868,071.60, according to a company statement.

Each unit consists of one common share and one-half of one transferable common share purchase warrant. Each whole warrant is exercisable at $0.60 and expires two years from the date of issuance. The company retains an acceleration right allowing it to shorten the warrant expiry to 30 days if the shares close above $0.75 for five consecutive trading days, beginning four months and one day after closing on the TSX Venture Exchange.

All securities issued are subject to a statutory hold period expiring four months and one day after closing. No finder's fees were paid in connection with the offering.

An insider participated in the offering and is classified as 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.

Proceeds are intended for an anticipated drill program and general working capital. NV Gold is a Vancouver-based mineral exploration company with 11 projects in Nevada and one in Switzerland.

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