Not for distribution to U.S. newswire services or dissemination in the United States TORONTO, ON / ACCESSWIRE / November 6, 2024 / NexGold Mining Corp. (TSXV:NEXG)(OTCQX:NXGCF) ('NexGold') and Signal Gold
TORONTO, ON / ACCESSWIRE / November 6, 2024 / NexGold Mining Corp. and Signal Gold Inc. are pleased to announce that, further to the companies' joint news releases dated October 10, 2024 and October 23, 2024, the companies have closed their previously announced oversubscribed and upsized concurrent financings for aggregate gross proceeds of $18.5million.
Each NFT Share issued on conversion of the Subscription Receipts will then be exchanged for 0.1244 of one NexGold Share pursuant to the terms of the Transaction. Further, NFT Unit Warrants issued on conversion of the Subscription Receipts will be adjusted in accordance with their terms such that the NFT Unit Warrants will be exercisable to acquire NexGold Shares based on the Exchange Ratio.
In connection with the Hard Dollar Financing, it is anticipated that Signal will, at the time of conversion of the Subscription Receipts, pay finder's compensation to certain eligible finders to be comprised of: a cash payment of up to 6.0% of the gross proceeds raised from sales of Subscription Receipts to subscribers introduced by such finders; and such number of non-transferable finder's warrants as is equal to an amount not to exceed 6.
An investment fund sub-advised by Sprott Asset Management acquired 2,500,000 FT Units under the FT Financing for total consideration of $2,000,000. Prior to the FT Financing, Sprott, together with its affiliates and sub-advised funds, beneficially owned or controlled 7,368,716 common shares of NexGold and 2,328,750 common share purchase warrants of NexGold, representing approximately 9.66% of the outstanding NexGold common shares on a non-diluted basis and 12.
NexGold also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. In addition, NexGold holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska.
There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The companies undertake no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws.
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