Vancouver, British Columbia – NV Gold Corporation (TSX-V: NVX) (the “Company”) announced today that it has closed on an initial tranche of 2,684,666 units (the Units”) under the non-brokered private placement it announced on July 10, 2014. It received $402,700 in gross proceeds for the Units issued.
The Units were sold at $0.15 per Unit. Each Unit consists of one Share and one-half of one Warrant exercisable at CDN$0.25 per share until January 24, 2016.
Funds from this placement are budgeted for the planned drilling programs at the Company’s Rattlesnake Hills Project, located in Natrona County, Wyoming and for general corporate purposes.
The Company has identified two drill targets on the Rattlesnake Hills Project that are distal to the two known discoveries and the Company plans to drill both of them starting in August. The program is expected to take approximately two months.
John Watson, President and CEO of the Company stated “The purpose of the financing was to fund the two drilling programs that we have been planning since the acquisition in March. Both targets are highly promising and drilling is expected to commence within two weeks. This financing provides adequate funding for both programs along with all associated costs. By closing this initial tranche now, it allows us to get the program underway with first results anticipated in September.”
The Units and any shares of the Company issued on exercise of the Warrants forming part of the Units are subject to a hold period expiring on November 25, 2014.
On behalf of the Board of Directors,
(sgd.) “John E. Watson”
President and CEO
For further information, visit the Company’s website at www.nvgoldcorp.com or contact:
John E. Watson,
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.