NEXG & SGNL Upsize Financing to $17M Amid Strategic Merger Today, NexGold Mining Corp. (TSXV: NEXG; OTCQX: NXGCF) and Signal Gold Inc. (TSX: SGNL; OTCQB: SGNLF) announced a boost in their joint financing, now reaching C$17 million due to high investor interest.
This financing aligns with NexGold's plan to acquire Signal, combining two of Canada’s most advanced gold exploration projects: NexGold's Goliath Gold Complex in Ontario and Signal’s Goldboro Project in Nova Scotia.
Strategic Merger Overview
The acquisition is set to create a leading near-term gold developer with a combined resource base of 4.7 million ounces in Measured and Indicated categories, plus an additional 1.3 million ounces inferred.
The merger is expected to allow for annual production of over 200,000 ounces, solidifying NexGold’s position as it strides to become a significant mid-tier gold producer.
Flagship Project Highlights
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Goliath Gold Complex (Ontario): NexGold's flagship asset is advancing toward construction, supported by a feasibility study estimating 109,000 ounces per year at an all-in sustaining cost (AISC) of US$1,072 per ounce.
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Goldboro Project (Nova Scotia): This project targets 100,000 ounces annually, with an AISC of US$849 per ounce. Environmental approvals are in place, expediting the path to production.
Next Steps
The raised capital will support debt repayment, exploration, and project development at Goliath and Goldboro. NexGold will also use flow-through funding to meet Canadian exploration expenses, advancing both projects toward production readiness.
Kevin Bullock, Signal Gold's current CEO, will head the merged entity. His experience in gold project development is expected to drive efficient execution.
With construction targeted within 16 months, NexGold aims to capitalize on rising gold prices and enhance shareholder value.
Full news here: https://nexgold.com/nexgold-and-signal-gold-announce-oversubscription-and-upsizing-of-concurrent-financing-up-to-a-total-of-17-million/
Posted on behalf of NexGold Mining Corp.