Nevada King Gold closes $11.5 million financing
Nevada King Gold Corp. [NKG-TSXV, NKGFF-OTCQB] said it has raised $11.5 million from a non-brokered private placement financing.
The company issued 46 million common shares priced at 25 cents per share.
It said the private placement was fully allocated to insiders and existing shareholders of the company. Nevada King founder and CEO Collin Kettell participated for $5.5 million, acquiring 22 million shares. A significant shareholder of the company subscribed for $5.52 million. (The company said Michael Parker, a greater than 10% shareholder, acquired 22.1 million shares. Proceeds will be used to advance the company’s Atlanta gold mine project and for working capital purposes.
On Wednesday, Nevada King shares were unchanged at 25 cents. The shares currently trade in a 52-week range of 41 cents and 20 cents.
Nevada King is focused on advancing and expanding its 100%-owned, past producing, 120 square kilometre Atlanta gold mine project, which is located along the Battle Mountain trend in southeastern Nevada. The project hosts a National Instrument 43-101-compliant pit-constrained oxide resource of 460,000 ounces in the measured and indicated category (11.0 million tonnes at 1.3 g/t gold) plus an inferred resource of 142,000 ounces of gold (5.3 million tonnes at 0.83 g/t) based on historical drilling. The estimate does not include any of the 100,000 plus metres of drilling completed by Nevada King.
Drilling in 2021 identified additional gold mineralization both within and outside the existing resource area, including expansion drilling north of the pit.
In January, 2023, the company announced a further increase of its Phase 11 resource and expansion definition drilling program by an additional 33% to 30,000 metres.
Atlanta contains a past producing open pit gold mine, which produced 110,000 ounces of gold and 800,000 ounces of silver from 1.5 million tons between 1975 and 1985.
Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines, Barrick Gold Corp. [ABX-TSX, GOLD-NYSE], Newmont Corp., [NGT-TSX, NEM-NYSE]), and Kinross Gold Corp. (K-TSX, KGC-NYSE). Starting in 2016, the company staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current and former producing mines.
In a press release on April 14, 2025, Nevada King released an update on its regional drill program at the Atlanta Gold Mine. To date, the company said it had completed 88 widely spaced reverse circulation (RC) holes, totaling 21,300 metres, focused along the margins of the Atlanta caldera over a 182 square kilometre area. Drilling has occurred at 12 preliminary targets which were largely based on geophysical anomalies. Through drilling, these targets have evolved into three major exploration areas – Atlanta South (including the South Quartzite Ridge target), Atlanta North and Silver Park. The company said it has increased its Phase 111 drill program from 20,000 metres to 30,000 metres.