NV Gold Corporation reports developments for a mineral exploration company focused on mineral discovery projects, primarily in Nevada, with an additional project in Switzerland. Its company updates identify a Nevada exploration portfolio that includes priority projects such as Slumber, Triple T and SW Pipe.
Recurring news themes include non-brokered private placements, unit financings made up of common shares and purchase warrants, statutory hold periods, warrant terms and acceleration rights, debt settlement transactions, and related-party or insider participation disclosures under Canadian securities rules.
NV Gold Corporation (OTCQB:NVGLF) has amended its Triple T Property lease agreement in Pershing County, Nevada. The company will issue 313,000 common shares at C$0.175 per share to settle an annual payment of US$40,000 (approximately C$54,800) under the agreement.
The amended agreement modifies the terms of the original exploration and mining lease agreement from June 21, 2021, which was previously amended on June 7, 2024. The Payment Shares will be subject to TSX Venture Exchange approval and a four-month statutory hold period.
NV Gold Corporation (OTCQB:NVGLF) has completed the first tranche of its previously announced non-brokered private placement, raising $349,800 through the issuance of 3,498,000 units at $0.10 per unit. Each unit includes one common share and one warrant exercisable at $0.20 per share for 24 months.
Notably, President, CEO, and Chairman John Watson acquired 2,950,000 units for $295,000, increasing his ownership to approximately 54.20% of outstanding shares on an undiluted basis and 62.35% on a partially diluted basis. The proceeds will fund exploration at the company's Slumber Gold Project and working capital needs.
NV Gold Corporation (NVGLF) has announced the commencement of a 4,000-foot Reverse Circulation Drill Program at its wholly-owned Slumber Gold Project in Nevada. The drilling program will consist of 7 holes, each ranging from 500-700 feet in depth, targeting new areas identified through previous geophysical and sampling programs. The project is strategically located 50 miles northwest of Winnemucca and 21.7 miles west of the Sleeper gold deposit in Humboldt County. New Frontier Drilling from Fallon, Nevada, will execute the program, scheduled to begin in June 2025 with an expected duration of 2-3 weeks.
NV Gold (TSXV:NVX)(OTCQB:NVGLF) has announced a shares for debt transaction to settle outstanding loans totaling US$419,050 (C$580,677.58) through the issuance of 5,161,578 common shares at C$0.1125 per share. The debt settlement involves loans made between June 2023 and January 2025 by John Watson, the company's President, Chairman, CEO and director.
The transaction is classified as a 'related party transaction' under MI 61-101, but is exempt from formal valuation and minority approval requirements due to the company's serious financial difficulties. The settlement shares will be subject to a four-month statutory hold period and requires TSX Venture Exchange approval. Interest accrued on the debt remains outstanding.
NV Gold (NVGLF) has announced that its President, Chairman, CEO and director John Watson has exercised 100,000 common share purchase warrants at $0.30 per warrant, generating proceeds of $30,000 for the company.
Following this transaction, Watson's holdings increased to 2,040,543 common shares, 97,500 stock options, and 1,025,000 warrants. His ownership now represents approximately 20.25% of the company's outstanding shares (28.25% on a partially diluted basis). This increase has made Watson a 'Control Person' of the company, a status that received disinterested shareholder approval at the annual general meeting on January 23, 2025.
NV Gold (TSXV:NVX)(OTCQB:NVGLF) has secured an extension of its exploration permit for the Surselva Gold Project in Switzerland until October 2030. The project, located in the Surselva district of Graubunden Canton, is 100% owned through SwissGold Exploration AG.
The project features historical drilling results, including significant intercepts from 1986-1991, with one hole intersecting 1.13 g/t Au over 75 meters. The exploration permit allows for geological, geophysical, and geochemical surveys, drilling, and excavation on public lands. Three priority exploration targets have been identified and are drill-ready.
Additionally, the company announced the resignation of Howard Golden from its board of directors.
NV Gold (NVGLF) has announced alternative arrangements for accessing and voting on Annual General Meeting (AGM) materials due to the ongoing Canada Post labour strike. The AGM is scheduled for January 23, 2025, with voting deadlines set for January 21, 2025, at 4:00 p.m.
Shareholders can access meeting materials through SEDAR+ and the company's website, including the notice of meeting, management information circular, and audited financial statements for August 31, 2024. Registered shareholders can request materials via Odyssey Trust Company, while beneficial shareholders should contact their brokers directly for voting instructions.
NV Gold (TSXV:NVX)(OTCQB:NVGLF) has closed the first tranche of its non-brokered private placement, issuing 1,000,000 units at $0.20 per unit for gross proceeds of $200,000. Each unit includes one common share and one warrant exercisable at $0.30 for 24 months. The company plans to use the funds for property payments, exploration in Nevada, and general expenses. John Watson, the company's President, CEO, and director, purchased all 1,000,000 units, increasing his ownership to 19.45% of outstanding shares (undiluted) and 28.25% on a partially diluted basis. This transaction is considered a related party transaction under MI 61-101, with the company relying on exemptions from valuation and minority shareholder approval requirements.