NS Gold Completes Private Placement and Shares For Debt
Bedford, Nova Scotia / TheNewswire / February 2, 2015 - NSGold Corporation (NSX:TSXV) ("NSGold" or the "Company") has closed the previously-announced non-brokered private placement and has issued 3,529,411 shares at a price of $0.085 per share, for aggregate gross proceeds to NSGold of $300,000. Each share is accompanied by one common share purchase warrant. Each warrant entitles its holder to acquire one additional common share of NSGold for three years at a price of $0.125.
The proceeds from the proposed private placement will be used to maintain the Company's mineral properties and for working capital.
All common shares issued in connection with the private placement, including those from the exercise of the share purchase warrants, are subject to a four-month hold period that expires on May 31, 2015.
Officers and directors of the company subscribed for an aggregate of 1,420,117 shares.
NSGold has also completed the previously-announced settlement of a loan from Van Hoof Industrial Holdings Ltd. ("VHIH"), the Company's largest shareholder. The loan and accrued interest, in an amount of $313,520.51, has been settled with the issuance of 3,688,476 NSGold common shares to VHIH at a deemed price of $0.085, the same price as the issue price for the private placement. NSGold did not issue any warrants to VHIH in connection with the settlement of the loan.
For further information, please contact:
Glenn A. Holmes
Chief Financial Officer, NSGold Corp.
(902) 798-1148
info@nsgoldcorp.com
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