Proceeds for working capital, funding new NSX Silver subsidiary
By Melissa Kory
Cleveland, July 21 - NSGold Corp. said it is planning a private placement of up to 8,627,451 common shares, or C$4.4 million.
The shares will be sold at C$0.51 per share, a 10.53% discount from the July 20 closing share price of C$0.57.
Sprott Asset Management LP, acting on behalf of certain Sprott funds and managed accounts, will subscribe for up to 8,627,451 shares in the placement, representing 19.9% of the shares of NSGold that will be issued and outstanding after the placement.
There are currently 34,786,316 shares of NSGold issued and outstanding.
Closing of the proposed private placement is expected to take place on Aug. 16 and is subject to standard closing conditions, including the signing of definitive agreements, and to regulatory approval, including that of the TSX Venture Exchange.
Euro Pacific Canada Inc. will act as agent for the proposed private placement.
NSGold will use the proceeds from the placement for working capital and for funding of its new subsidiary NSX Silver Inc.
NSGold is a Vancouver-based mineral exploration company actively exploring for gold in Nova Scotia, Canada and silver in Mexico.
| Issuer: | NSGold Corp.
|
| Issue: | Common shares
|
| Amount: | Up to C$4.4 million
|
| Shares: | Up to 8,627,451
|
| Price: | C$0.51
|
| Warrants: | No
|
| Agent: | Euro Pacific Canada Inc.
|
| Pricing date: | July 21
|
| Settlement date: | Aug. 16
|
| Stock symbol: | TSX Venture: NSX
|
| Stock price: | C$0.57 at close July 20
|
| Market capitalization: | C$19,828,200
|
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