NevGold Announces Closing of Shares-For-Debt Transaction

Vancouver, British Columbia, Oct. 16, 2023 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce the closing of a previously-announced shares for debt transaction, as described in the press release of the Company dated September 21, 2023 (the “Shares-for-Debt Transaction”). NevGold has settled debt in the amount of C$169,580 (the “Debt”) previously owed to two arm’s-length creditors by issuing an aggregate of 403,761 common shares in the capital of the Company (the “Common Shares”) at a price of $0.42 per Common Share, reflecting a plus 40% premium to NevGold closing share price on October 13, 2023, to the creditors. The NevGold Board of Directors determined that it was in the best interests of the Company to settle the outstanding Debt by the issuance of Common Shares at a significant premium to market in order to preserve the Company’s cash for ongoing operations.

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