NevGold (NAU.V) confirmed on Monday it closed its previously announced financing, raising total proceeds of C$4.1M in a financing priced at C$0.42 per unit. Each unit consisted of a common share and half a warrant with each full warrant allowing the warrant holder to acquire an additional share of NevGold at C$0.60 during a two year period.
The lead order came from GoldMining (GOLD.TO) which invested an additional C$1.25M in the company and now owns 8.9 million shares and 1.5M warrants. We were also pleased to see the insiders stepped up the plate again. According to the press release, officers and directors invested an additional C$150,000 in the company with CEO Brandon Bonifacio subscribing for 150,000 units (C$63,000). While the newly issued shares are not subject to a four month hold period for ‘normal’ investors, insiders are subject to a four month hold period.
Disclosure: The author has a long position in NevGold and participated in the recent placement. NevGold is a sponsor of the website. Please read our disclaimer.
