NevGold (NAU.V) closed the second and final tranche of its non-brokered private placement earlier this month. A total of 7.34 million shares were issued at C$0.32 in both tranches, which allowed the company to raise C$2.35M. This was a no-warrant financing and that definitely is a sign of strength. Additionally, the CEO and Chairman participated in the first tranche for a total of C$150,000 while Robert McKnight purchased almost 94,000 shares for C$30,000 in the second tranche of the offering. This indicates management uptake of the placement was strong (with almost C$200,000 invested) and this further aligns them with shareholders.
As the company’s treasury is now healthy again, we expect NevGold to have a busy first semester and in the press release announcing the closing of the placement, CEO Bonifacio referred to the high potential opportunities at Nutmeg Mountain in Idaho as well as the Hercules copper district.
Disclosure: The author has a long position in NevGold. NevGold is a sponsor of the website. Please read the disclaimer.
