Nevada King Gold Corp. (NKGFF)

[JD400]

NEVADA KING ANNOUNCES TERMS OF FULLY SUBSCRIBED $4,500,000 FINANCING WITH LEAD ORDER FROM COLLIN KETTELL

May 18, 2022
In this article:

$NKGFF


VANCOUVER, BC, May 18, 2022 /CNW/ - Nevada King Gold Corp. (TSXV: NKG) (OTCQX: NKGFF) ("Nevada King" or the "Company") is pleased to announce that it is proceeding with a non-brokered private placement financing (the "Private Placement") through the issuance of 10,000,000 common shares (the "Shares") of the Company at a price of $0.45 per Share for aggregate gross proceeds of $4,500,000. The Private Placement is fully allocated and is expected to close on or before June 10, 2022.

Nevada King Gold Corp. Logo (CNW Group/Nevada King Gold Corp.)

Highlights

Company Founder & Chief Executive Officer Collin Kettell is subscribing for $2,250,000 of the Private Placement, which will increase his ownership in the Company to 15.5% post-financing. The remainder of the proposed private placement is being subscribed for by a group of existing shareholders and strategic, high net worth investors.

Upon completion of the Private Placement, Nevada King will have working capital in excess of $27-million to support drilling of multiple targets on its properties along the Battle Mountain Trend, including follow up drilling at the Atlanta Mine and at the Lewis, and Iron Point project areas.

Collin Kettell, Chief Executive Officer of Nevada King, stated: "Exploration is a high-risk, high-reward business and access to capital is a prerequisite to a successful outcome. We are extremely fortunate to have a supportive group of stakeholders that share in management's vision of unlocking value along the Battle Mountain Trend."

Details Regarding the Financing

continues here>>>
https://finance.yahoo.com/news/nevada-king-announces-terms-fully-113000723.html