NEXG Closes $18.5M Financing w/ SGNL; Sprott Boosts Stake Yesterday, NexGold Mining Corp. (Ticker: NEXG.v or NXGCF for US investors), a gold-focused company with significant assets in Canada and Alaska, closed its upsized financing, raising $18.5 million in collaboration with Signal Gold Inc. (Ticker: SGNL or SGNLF for US investors).
This financing aims to support NexGold’s upcoming acquisition of Signal and advance its flagship projects: the Goliath Gold Complex in Ontario and Signal’s Goldboro Project in Nova Scotia.
The funds will advance project exploration, debt retirement, and general expenses.
Notably, Sprott Asset Management increased its holdings in NexGold to 11.43% post-financing.
NexGold's Goliath Gold Complex, located 20 km east of Dryden, Ontario, stands out as a robust gold-silver project comprising the Goliath, Goldlund, and Miller deposits.
The site benefits from excellent infrastructure access, including the Trans-Canada Highway, power availability from Hydro One, rail connectivity via CP Rail, and proximity to a skilled workforce.
Proven and probable mineral reserves at Goliath include 1.31 million ounces of gold and 1.72 million ounces of silver.
Additionally, the project boasts combined measured and indicated mineral resources of 2.1 million ounces of gold and 3.52 million ounces of silver, with an inferred resource of 782,800 ounces of gold.
In terms of production capabilities, the Goliath Project is anticipated to yield an average of 109,000 ounces of gold annually over its first nine years within a 13-year mine life.
The Goliath Gold Complex is not only marked by its technical simplicity and economic viability but also holds potential for further exploration, which could extend its operational life and resource base.
NexGold’s strategic focus on the Goliath Project aligns with its goal of becoming a leading gold producer while fostering sustainable development and economic opportunities in Northwestern Ontario.
This financing, combined with Signal’s expertise and assets, positions the merged company to leverage the Goliath Project’s potential and Signal’s Goldboro Project for robust growth in the gold sector.
Full news here: https://nexgold.com/nexgold-and-signal-gold-complete-upsized-concurrent-financing-for-18-5-million/
Posted on behalf of NexGold Mining Corp.