NV Gold Corporation (TSX-V:NVX, OTC:NVGLF) told investors that it has closed the first tranche of its previously announced private placement, issuing 1 million units at $0.20 each for gross proceeds of $200,000.
The company said it intends to use the funds raised to make property payments, advance the exploration and development of its wholly-owned exploration properties in Nevada and for general and administration expenses.
Each unit issued consisted of a share and a non-transferable share purchase warrant exercisable into a share at $0.30 for 24 months from the date of issuance.
The warrants are subject to an acceleration provision should NV Gold’s shares close at $0.45 for a period of 10 consecutive trading days.