NovaGold (NRI-T) has concluded a private placement with an investor for 200,000 shares priced at $1.40 per each, plus 200,000 share purchase warrants.
The Nova Scotia-based junior plans to use the proceeds of $280,000 to explore the Shotgun gold prospect in southwestern Alaska’s Kuskokwin mineral belt.
Recent results from Shotgun include 169.9 metres averaging 1.23 grams gold per tonne (including 71 metres of 2.19 grams) and 48.8 metres averaging 2.57 grams.
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