Nevada King Announces Closing of $3,600,000 Equity Financing /THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN THE
Nevada King Announces Closing of $3,600,000
Equity Financing
/THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
June 21, 2021
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) ("
Nevada King
"
or the "
Company
") is pleased to announce that it has closed a non-brokered private placement
financing (the "
Private Placement
") of 6,000,000
Nevada King
common shares (the "
Common
Shares
"). The Common Shares were issued at a price of
C$0.60
per Common Share for gross
proceeds of
C$3,600,000
.
Highlights
The
C$3,600,000
investment was made by a strategic investor with a long term outlook on
Nevada King
as it continues to grow and enhance it's foothold along the Battle Mountain Trend,
Nevada.
With the completion of this financing,
Nevada King
has working capital in excess of
C$20-million
going into it's planned drilling.
The proceeds of the Private Placement will be used to advance
Nevada King's
development and
exploration stage assets and for other general corporate purposes. The Common Shares issued
pursuant to the Private Placement will be subject to a hold period under applicable Canadian
securities law expiring on
October 19, 2021
.
Approval of the Private Placement was received from the TSX Venture Exchange on
June 17, 2021
.
No finder's fees or other commissions were payable in relation to the Private Placement.
The Common Shares issued have not been registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in
the United States
absent registration or an applicable
exemption from the registration requirements. This news release shall not constitute an offer to sell
or the solicitation of an offer to buy securities in
the United States
.
About Nevada King Gold Corp.
Nevada King
is the third largest mineral claim holder in the
State of Nevada
, behind
Nevada Gold
Mines
(Barrick/Newmont) and
Kinross Gold
. Starting in 2016 the Company has staked large project
areas in the
Battle Mountain
trend that are close to current or former producing gold mines, and that
have significant historic exploration work. These project areas were initially selected based on their
potential for hosting multi-million ounce gold deposits and were subsequently staked following a
detailed geological evaluation. District-scale projects in
Nevada King's
portfolio include (1) the 100%
owned Atlanta Mine, located 100km southeast of
Ely
, (2) the Lewis and Horse Mountain-Mill Creek
projects, both located between
Nevada Gold Mines'
large
Phoenix
and Pipeline mines, and (3) the
Iron Point vanadium and gold project, located 35km east of
Winnemucca, Nevada
.
The Atlanta Mine is a historical gold-silver producer with an NI 43-101 compliant pit-constrained
resource of 460,000 oz Au in the measured and indicated category (
11.0M
tonnes at 1.3 g/t) plus an
inferred resource of 142,000 oz Au (
5.3M
tonnes at 0.83 g/t) (see Table 1-1). See the NI 43-101
Technical Report on Resources titled "Atlanta Property,
Lincoln County, NV
" with an effective date of
October 6, 2020
, and a report date of
December 22, 2020
, as prepared by Gustavson Associates
and filed under the Company's profile on SEDAR (
www.sedar.com
).
Table 1-1: Tabulation of Mineral Resources at Atlanta Mine
Resource Category
Tonnes
(000's)
Au
Grade
(ppm)
Contained
Au Oz
(000's)
Ag
Grade
(ppm)
Contained
Ag Oz
(000's)
Measured
4,130
1.51
200
14.0
1,860
Indicated
6,910
1.17
260
10.6
2,360
Measured + Indicated
11,000
1.30
460
11.9
4,220
Inferred
5,310
0.83
142
7.3
1,240
A drill program will commence shortly at
Atlanta
aimed at expanding the existing resource as well as
testing multiple targets elsewhere within the large
Atlanta
property package. The Lewis project
exhibits significant gold mineralization at surface and in historic drilling and is adjacent to and on
trend with
Nevada Gold Mine's
Hilltop gold deposit (reported approximately
2M
oz at 0.875 g/t Au).
The Horse Mountain – Mill Creek Project is a lower plate target adjoining an active
Nevada Gold
Mines
exploration project and hosts historic high-grade hits drilled by Barrick in carbonates beneath
the Roberts Mountain Thrust. The Iron Point gold and vanadium project is located within a few
kilometers of Interstate 80, 35km east of Winemucca, has high voltage electric power lines running
through the project area and a railroad line passing across the northern property boundary. With
C$20M
in working capital,
Nevada King
is well financed to advance further exploration of its gold
projects as well as to advance the Iron Point Vanadium Project through resource estimation and
initial feasibility study work.
Nevada King
has a proven capital market and mining team led by
Executive Chairman
Paul Matysek
and CEO
Collin Kettell
.
Qualified Person
The scientific and technical information in this news release has been reviewed and approved by
Calvin R. Herron
, P.Geo., who is a Qualified Person as defined by National Instrument 43-101.
Please see the Company's website at
www.nevadaking.ca
.
Cautionary Statements Regarding Forward Looking Information
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release contains certain "forward-looking information" and "forward-looking statements"
(collectively "forward-looking statements") within the meaning of applicable securities legislation.
All statements, other than statements of historical fact, included herein, without limitation,
statements relating the future operations and activities of
Nevada King
, are forward-looking
statements. Forward-looking statements are frequently, but not always, identified by words such as
"expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar
expressions, or statements that events, conditions, or results "will", "may", "could", or" should"
occur or be achieved. Forward-looking statements in this news release relate to, among other
things, the Company's use of proceeds from the Private Placement, the Company's exploration
plans and the Company's ability to potentially expand mineral resources and the impact thereon.
There can be no assurance that such statements will prove to be accurate, and actual results and
future events could differ materially from those anticipated in such statements. Forward-looking
statements reflect the beliefs, opinions and projections on the date the statements are made and
are based upon a number of assumptions and estimates that, while considered reasonable by
Nevada King
, are inherently subject to significant business, economic, competitive, political and
social uncertainties and contingencies. Many factors, both known and unknown, could cause actual
results, performance or achievements to be materially different from the results, performance or
achievements that are or may be expressed or implied by such forward-looking statements and the
parties have made assumptions and estimates based on or related to many of these factors. Such
factors include, without limitation, the ability to complete proposed exploration work given the
global COVID-19 pandemic, the results of exploration, continued availability of capital, and
changes in general economic, market and business conditions. Readers should not place undue
reliance on the forward-looking statements and information contained in this news release
concerning these items.
Nevada King
does not assume any obligation to update the forward-
looking statements of beliefs, opinions, projections, or other factors, should they change, except as
required by applicable securities laws.
SOURCE
Nevada King Gold Corp.
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For further information:
Contact Collin Kettell at [email protected]
CO: Nevada King Gold Corp.
CNW 07:30e 21-JUN-21