Mineral exploration and development company NevGold has announced the closing of the option agreement to acquire the Nutmeg Mountain gold project, in Idaho, and a C$1-million strategic investment by TSX- and NYSE-listed GoldMining.
“NevGold is very pleased to close the option agreement on Nutmeg Mountain and the C$1-million first tranche of financing with GoldMining. With current treasury and the C$1-million financing we are funded to continue to advance our projects.
“We also have a further C$1.25-million lead order from GoldMining in a future financing which gives us flexibility over the coming months,” says NevGold CEO Brandon Bonifacio.
“We welcome GoldMining as a new strategic partner and investor, and we look forward to the next chapter of NevGold with a larger scale platform and significant valuation re-rate potential,” he adds.
In consideration for the grant of the option, NevGold issued 4.4-million common shares to GoldMining, representing C$3-million.
GoldMining becomes a large, cornerstone, strategic investor of NevGold with a 10.5% interest.