/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, BC, Sept. 11, 2020 /CNW/ - NxGold Ltd. (the
"Company") (TSXV: NXN) is pleased to announce that due to
strong investor demand it has increased the size of its private
placement (the "Private Placement") previously announced on
September 9, 2020.
The Private Placement, which originally planned to raise gross
proceeds of up to $1.5 million, will
be increased by up to $1.5 million
and now consist of up to 6,000,000 units (the "Units") for
gross proceeds of $3 million at a
price of $0.50 per Unit. Each
Unit will be comprised of one common share in the capital of the
Company and one half of a common share purchase warrant (a
"Warrant"). Each Warrant will entitle the holder to
purchase one common share in the capital of the Company at a price
of $0.75 for a period of 36 months
from the date of issuance. Red Cloud Securities Inc. is acting
as a finder in connection with the Private Placement.
All other terms are as described in the initial Private
Placement news release. The proceeds of the Private Placement
will be used for general working capital purposes. All
securities issued pursuant to the Private Placement are subject to
regulatory approval, including the approval of the TSX Venture
Exchange.
About NxGold
NxGold is a Vancouver-based
exploration company. The Company recently entered into options
agreements with Mega Uranium Ltd. (TSX: MGA) to acquire a 100%
interest in the Ben Lomond and Georgetown uranium projects in Australia, and IsoEnergy Ltd. (TSXV: ISO) to
acquire a 100% interest in the Mountain Lake uranium project in
Nunavut, Canada. The Company
entered into the Mountain lake option agreement with IsoEnergy on
July 16, 2020 and the transaction
remains subject to regulatory approval. In addition, the
Company owns 80% of the Mt. Roe gold project located in the Pilbara
region of Western Australia and
has entered into an earn-in agreement with Meliadine Gold Ltd. to
earn up to a 70% interest in the Kuulu Project (formerly known as
the Peter Lake Gold Project) in Nunavut.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
This news release does not constitute an offer of securities for
sale in the United States. The securities being offered have
not been, nor will they be, registered under the United States Securities Act of
1933, as amended, and such securities may not be offered or
sold within the United States
absent U.S. registration or an applicable exemption from U.S.
registration requirements.
Cautionary Statement Regarding "Forward-Looking"
Information.
This news release contains "forward-looking information"
within the meaning of applicable Canadian securities
legislation. "Forward-looking information" includes, but is
not limited to, statements with respect to activities, events or
developments that the Company expects or anticipates will or may
occur in the future, including the receipt of regulatory
approval of the Offering, use of proceeds of the Offering,
the size of the Offering and completion of the Offering. Generally,
but not always, forward-looking information and statements can be
identified by the use of words such as "plans", "expects", "is
expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates", or "believes" or the negative connotation
thereof or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved" or the negative
connation thereof.
Such forward-looking information and statements are based on
numerous assumptions, including among others, that regulatory
approval to the Offering will be obtained, that general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and in a timely manner. Although the assumptions
made by the Company in providing forward-looking information or
making forward-looking statements are considered reasonable by
management at the time, there can be no assurance that such
assumptions will prove to be accurate.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: negative operating cash flow
and dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations, community relations and delays in obtaining
governmental or other approvals.
Although the Company has attempted to identify important
factors that could cause actual results to differ materially from
those contained in the forward-looking information or implied by
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that forward-looking information and statements
will prove to be accurate, as actual results and future events
could differ materially from those anticipated, estimated or
intended. Accordingly, readers should not place undue reliance on
forward-looking statements or information. The Company
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
SOURCE NxGold Ltd.