/NOT FOR DISTRIBUTION TO
Highlights:
- The Non-Brokered Private Placement was fully allocated to insiders, existing shareholders, and a new strategic shareholder of the Company.
- Company Founder & Chief Executive Officer
Collin Kettell participated for$2,000,000 . - Two significant shareholders of the Company subscribed for
$4,200,000 and$1,356,400 , respectively. - A new strategic shareholder to the Company participated for
$2,000,000 .
- Company Founder & Chief Executive Officer
- Proceeds of the Non-Brokered Private Placement will be used to advance the
Company's Atlanta Gold Mine Project and for working capital purposes of Nevada King.
All securities issued pursuant to the Non-Brokered Private Placement are subject to a statutory hold period under applicable Canadian securities laws expiring
No finder's fees were applicable to the Non-Brokered Private Placement and the Proceeds will be used to advance the
The securities issued in connection to the Non-Brokered Private Placement have not been registered under the
Related Party Participation in the Non-Brokered Private Placement
Certain insiders of the Company participated in the Non-Brokered Private Placement acquiring an aggregate of 18,364,286 Shares. The participation by insiders in the Non-Brokered Private Placement constitutes a "related party transaction" as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as neither the fair market value of the Common Shares purchased by insiders, nor the consideration for the Common Shares paid by such insiders, exceeds 25% of the Company's market capitalization. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the Non-Brokered Private Placement, which the Company deems reasonable in the circumstances in order to complete the Non-Brokered Private Placement in an expeditious manner. The Non-Brokered Private Placement was unanimously approved by the Company's board of directors.
Nevada King is the third largest mineral claim holder in the
The scientific and technical information in this news release has been reviewed and approved by
Resource Category | Tonnes |
| Contained Au |
| Contained Ag |
Measured | 4,130 | 1.51 | 200,000 | 14.0 | 1,860,000 |
Indicated | 6,910 | 1.17 | 260,000 | 10.6 | 2,360,000 |
Measured + Indicated | 11,000 | 1.30 | 460,000 | 11.9 | 4,220,000 |
Inferred | 5,310 | 0.83 | 142,000 | 7.3 | 1,240,000 |
NI 43-101 Mineral Resources at the |
Please see the Company's website at www.nevadaking.ca.
Neither the
Cautionary Statements Regarding Forward Looking Information
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to TSXV acceptance of the Non-Brokered Private Placement, the the use of proceeds thereof, and the benefits of the Non-Brokered Private Placement are forward-looking statements. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to obtain necessary approvals, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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