9 September 2020
VANCOUVER, BC, Sept. 9, 2020 /CNW/ - NxGold Ltd. (the "Company") (TSXV: NXN) is pleased to announce that, subject to the receipt of all required regulatory approvals, including the approval of the TSX Venture Exchange (the "TSXV"), it intends to change its name from "NxGold Ltd." to "International Consolidated Uranium Inc." and commence trading on the TSXV under the new symbol "CUR". Further details regarding the name change will be announced prior to the effective date.
The company would also like to announce a non-brokered private placement of units (the "Units") of the Company for gross proceeds of up to C$1,500,000 (the "Offering"). Red Cloud Securities Inc. is acting as a finder in connection with the Offering, and it is anticipated that Segra Capital Management, LLC will be a lead order.
Each Unit is being offered at a price of C$0.50 and will be comprised of one common share of the Company and one half common share purchase warrant (a "Warrant"), each Warrant entitling the holder thereof to acquire one common share of the Company at a price of C$0.75 for a period of 36 months from the date of closing of the Offering. The net proceeds from the Units will be primarily used for general working capital purposes.
Philip Williams, NxGold's President and CEO commented: "The proposed name change represents the next step in the Company's transition into the uranium sector and reflects our goal of becoming the leading consolidator of assets worldwide. We are incredibly pleased with the strong interest our model is generating from the investment community and these additional funds raised, combined with our existing financial resources, put us on a strong footing to execute this strategy. We are also pleased to welcome Segra Capital, a leading investor in the uranium sector, to our share register who join Mega Uranium, a well-respected uranium company builder and backer."