Nevada King upsizes non-brokered offering to $10 million

News provided by Nevada King Gold Corp. May 03, 2023, 08:30 ET Share this article Share to X Share this article Share to X /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES / VANCOUVER, BC , May 3, 2023 /CNW/ - Nevada King Gold Corp. (TSXV: NKG ) (" Nevada King " or the " Company ") is pleased to announce an increase to its previously announced $5-million non-brokered private placement financing (the " Non-Brokered Private Placement ") initially announced on May 1, 2023 . Highlights: Nevada King has increased the Non-Brokered Private Placement primarily due to significant demand from existing shareholders and intends to raise gross proceeds of $10-million (previously expected to be $5-million ) through the issuance of 22,222,222 common shares (the " Common Shares ") of the Company priced at $0.45 per Common Share. There are no changes to the Company's agreement with Canaccord Genuity Corp. on behalf of a syndicate of agents (collectively, the " Agents ") in connection with a brokered financing of up to 11,111,111 Common Shares at a price of $0.45 per Common Share to raise additional gross proceeds of up to $5-million (the " LIFE Offering " and together with the Non-Brokered Private Placement, the " Offering ").

Company Founder & Chief Executive Officer Collin Kettell is subscribing for $2,000,000 of the Non-Brokered Private Placement. The majority of the $10-Million is being taken up by existing shareholders of the Company. Upon completion of the Offering, and assuming the completion of the LIFE Offering for $5,000,000 , Nevada King will have working capital in excess of $20-million to support advancement and drilling at the Atlanta Gold Mine Project, Nevada.

Collin Kettell , CEO of Nevada King , stated: "As Nevada's third largest mineral claim holder and one of Nevada's most active explorers, Nevada King is built to be big in every