On September 3, 2024, NevGold Corp. (“NevGold”) closed the first tranche of its financing of unsecured convertible securities (the “Financing”) with Mercer Street Global Opportunity Fund II, LP, managed by C/M Global GP, LLC (the “Investor”) for gross proceeds of $3.5 million to NevGold. The Financing is structured in two tranches with the funded amounts being $3.5 million for the first tranche and a potential of up to $4.5 million in a second tranche pursuant to the terms of a convertible security funding agreement dated August 23, 2024 between NevGold and the Investor.

In the first tranche of the Financing, NevGold issued a convertible security (the “First Convertible Security”) to the Investor with a funded amount of $3.5 million convertible into up to 10,000,000 common shares of NevGold (each, a “Share”) at a conversion price of not less than $0.35 per Share until August 30, 2026. The First Convertible Security has an original issue discount of $650,000 accruing over the 24-month term for the purpose of conversion that may be settled in cash or Shares at the election of the Investor, with any issuance of Shares in settlement thereof being subject to the approval of the TSX Venture Exchange. NevGold also issued 5,000,000 common share purchase warrants (each, a “Warrant”) and 342,857 Shares to the Investor concurrently with the first tranche closing. Each Warrant is exercisable by the holder thereof into one Share at an exercise price of $0.525 per Share until August 30, 2026.

NevGold is a mineral exploration and development company targeting large-scale mineral systems in the districts of Nevada and Idaho. NevGold owns a 100% interest in the Limousine Butte and Cedar Wash gold projects in Nevada, and the Nutmeg Mountain gold project and Zeus copper project in Idaho.

Further details regarding NevGold and the Financing can be found on NevGold’s website. NevGold trades under the symbol “NAU” on the TSX Venture Exchange.