Nevada KING Announces Upsizing of Non-Brokered Offering to $11.5 Million
NEVADA KING ANNOUNCES UPSIZING OF
NON-BROKERED OFFERING TO $11.5
MILLION
NOT FOR DISTRIBUTION TO
UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
VANCOUVER, BC
,
April 9, 2025
/CNW/ -
Nevada King Gold Corp.
(TSX-V:
NKG)
("
Nevada King
"
or the "
Company
") is pleased to announce an increase to its
$11 million
non-brokered private
placement (the "
Offering
") previously announced on
April 7, 2025
. Due to demand from existing
shareholders, the Company now intends to raise gross proceeds of
$11.5 million
through the
issuance of 46,000,000 common shares of the Company ("
Common Shares
") priced at
$0.25
per
Common Share.
The net proceeds of the Offering are intended to be used to advance
Nevada King's
Atlanta Gold
Mine Project and for other general working capital purposes. No finder's fees are being paid on the
Offering. All other terms of the Offering as disclosed in the Company's news release of
April 7,
2025
, remain unchanged and the Offering is subject to the receipt of customary approvals, including
acceptance by the TSX Venture Exchange ("
TSX-V
").
In connection with the Offering,
Collin Kettell
, the Company's Chief Executive Officer, who intends to
subscribe for 22,000,000 Common Shares, financed a significant portion of his subscription with an
arranged sale of 20,000,000 Common Shares (the "
Kettell Shares
") from his personal holdings to a
prominent U.S.-based gold and precious metals fund through the facilities of the TSX-V. The planned
sale at a price of
$0.25
per Kettell Share for aggregate consideration of
$5,000,000
occurred on
April 7, 2025
. Immediately prior to the disposition of the Kettell Shares, Mr. Kettell directly held an
aggregate of 67,115,048 Common Shares representing approximately 17.75% of the issued and
outstanding Common Shares and, following his disposition of the Kettell Shares, he directly held an
aggregate of 47,115,048 Shares representing approximately 12.46% of the issued and outstanding
Common Shares.
As the Kettell Shares represented approximately 5.29% of the issued and outstanding Common
Shares, Mr. Kettell has filed an early warning report in connection with such disposition. To obtain a
copy of the early warning report, refer to
Nevada King's
SEDAR+ profile at
www.sedarplus.ca
or
contact the Company. The holdings of securities of the Company by Mr. Kettell are managed for
investment purposes and he may, in future, increase or decrease his ownership, control or direction
over
Nevada King
securities through market transactions, private agreements, or otherwise.
About Nevada King Gold Corp.
Nevada King
is focused on advancing and growing its 100% owned, past producing, 120km
2
Atlanta
Gold Mine project located along the
Battle Mountain
trend in southeast Nevada. The project hosts a
National Instrument 43-101 ("
NI 43-101
") compliant pit-constrained oxide 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) based on historical drilling, and does not include any of the
100,000m+ of drilling completed by
Nevada King
. 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.sedarplus.ca
).
NI 43-101 Mineral Resources at the Atlanta Mine
Resource Category
Tonnes
(000s)
Au Grade
(ppm)
Contained Au
(Oz)
Ag Grade
(ppm)
Contained Ag
(Oz)
Measured
4,130
1.51
200,000
14.0
1,860,000
Indicated
6,910
1.17
260,000
10.6
2,360,000
Measured + Indicated
11,000
1.30
460,000
11.9
4,220,000
Inferred
5,310
0.83
142,000
7.3
1,240,000
Please see the Company's website at
www.nevadaking.ca
.
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.
Cautionary Statements Regarding Forward Looking Information
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, including, without limitation,
statements relating to 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, statements in respect of the size and use of proceeds of the Offering, the ability of the
Company to close the Offering, including obtaining approval of the Offering from the TSX-V. 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 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 of the Company to obtain the necessary approvals to
complete the Offering, the ability to complete proposed exploration work, the results of exploration,
continued availability of capital, and changes in general economic, market and business
conditions. Readers are urged to refer to the Company's reports, publicly available through the
Canadian Securities Administrators' web-based disclosure system, SEDAR+, at
www.sedarplus.ca
for a more complete discussion of such risk factors and their potential effects.
Readers should
not place undue reliance on forward-looking statements contained in this news release.
Nevada
King
does not assume any obligation to update forward-looking statements should beliefs,
opinions, projections, or other factors, change, except as required by applicable securities laws.
SOURCE
Nevada King Gold Corp.
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For further information:
For more information, contact Collin Kettell at [email protected] or
(845) 535-1486.
CO: Nevada King Gold Corp.
CNW 07:30e 09-APR-25