Nevada KING Upsizes Financing to $11,250,000 with Increased $4,500,000 Lead Order from CEO Collin Kettell /This Press Release is Not Intended FOR Release OR Dissemination IN the
NEVADA KING UPSIZES FINANCING TO
$11,250,000 WITH INCREASED $4,500,000
LEAD ORDER FROM CEO COLLIN KETTELL
/THIS PRESS RELEASE IS NOT INTENDED FOR RELEASE OR DISSEMINATION IN
THE
UNITED STATES
/
VANCOUVER, BC
,
April 18, 2022
/CNW/ -
Nevada King Gold Corp.
(TSXV: NKG) (OTCQX:
NKGFF) ("
Nevada King
" or the "
Company
") is pleased to announce an increase to its previously
announced
$6,795,000
non-brokered private placement financing (the "
Private Placement
") initially
announced on
April 5, 2022
.
Highlights:
Nevada King
has increased the Private Placement primarily due to significant demand from
existing shareholders and intends to raise
$11,250,000
through the issuance of 25,000,000
common shares (the "
Shares
") of the Company priced at
$0.45
per Share. Closing is
anticipated in the coming days.
Chief Executive Officer
Collin Kettell
has increased his subscription to
$4,500,000
. As such,
participation by management and insiders will make up roughly half of the financing.
Following the close of this Private Placement, the Company will have working capital in excess
of
$23-million
that will underpin its plans to aggressively pursue exploration activities on its
strategic land holdings along the Battle Mountain Trend.
Collin Kettell
, Founder & CEO of
Nevada King
, stated: "As Nevada's third largest mineral claim
holder and as one of Nevada's most active exploration companies,
Nevada King
is built to be big in
every way. I am excited to be announcing an increase in size of the financing, as well as an increase
in my participation to
$4,500,000
. With active exploration and drilling programs underway on multiple
targets within our Battle Mountain Trend holdings, supported by the recent bolstering of our technical
team and the increase in our working capital to approximately
$23-million
,
Nevada King
is poised for
significant growth ahead. I am very pleased with how the Company is now positioned and excited for
our 2022 exploration season and beyond."
Details Regarding the Private Placement
The Private Placement is fully allocated and closing of the Private Placement is anticipated to occur
shortly. Closing of the Private Placement is subject to certain customary conditions, including,
without limitation, approval of the TSX Venture Exchange.
The Shares issued pursuant to the Private Placement will be subject to a statutory hold period
expiring four months and one day from the date of issuance of such securities. 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 majority of the Private Placement is being raised from existing shareholders and current
directors, executive officers, business associates and employees, some of whom are insiders of the
Company. Any participation by insiders in the Private Placement would constitute a "related party
transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders
in Special Transactions ("
MI 61-101
"). However, the Company expects that the Private Placement
will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-
101 as neither the fair market value of the Shares subscribed for by the insiders, nor the
consideration for the Shares paid by such insiders, will exceed 25% of the Company's market
capitalization. A material change report in connection with the Private Placement is expected to be
filed less than 21 days before the closing of the Private Placement. This shorter period is reasonable
and necessary in the circumstance as the Company wishes to complete the Private Placement in a
timely manner.
The securities offered 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 nor shall there be any sale of the securities in any State in which such
offer, solicitation or sale would be unlawful.
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 through to the present day the
Company has staked large project areas hosting significant historical exploration work along the
Battle Mountain
trend located close to current or former producing gold mines. These project areas
were initially targeted 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 project, located 35km east of
Winnemucca,
Nevada
.
The Atlanta Mine is a historical gold-silver producer with a 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 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
). 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 NI 43-101.
Tabulation of NI 43-101 Mineral Resources at the 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
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, without limitation,
statements relating to the future operations and activities of
Nevada King
, the proposed closing of
the Private Placement and the use of proceeds raised from the Private Placement 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, closing of the Private Placement and the receipt of all necessary regulatory approvals
in connection therewith, use of proceeds from the Private Placement, acquisition of additional
mineral claims, 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:
Collin Kettell, [email protected] or (301) 744-8744
CO: Nevada King Gold Corp.
CNW 07:30e 18-APR-22