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To view image please click here Project Development PlanPost-closing, NevGold has comprehensive plans for advancing the Project. GoldMining will become a large, cornerstone, strategic investor of NevGold with an approximate 10.6% interest;Concurrently with the above issuance, GoldMining will make the initial Investment of $1 million, subscribing for 1,481,481 NevGold shares at a price of $0.675 per share, and commits to a further lead order in an amount up to C$1.25 million in a future financing by NevGold completed by November 30, 2022;In order to exercise the option, NevGold will pay the following amounts, or at its discretion, issue shares to GoldMining with an equivalent value, on the following schedule: January 1, 2023: C$1.5 millionJuly 1, 2023: C$1.5 millionJanuary 1, 2024: C$3.0 million In order to exercise the Option, NevGold will also be required to make qualifying expenditures on the Project totalling C$2.25 million: $1.5 million on or before June 1, 2023a further $0.75 million on or before December 31, 2023 On completion of the total C$9.0 million in equity issuances and/or payments to GoldMining and total C$2.25 million in qualifying expenditures by January 1, 2024, NevGold would own 100% of the Nutmeg Mountain Gold ProjectNevGold commits to a schedule of future success-based contingent payments totalling C$7.5 million to GoldMining, payable in cash or shares at the election of NevGold: C$0.5 million on completion of a Preliminary Economic Assessment (PEA) on the ProjectC$2.5 million on completion of a Preliminary Feasibility Study (PFS) on the ProjectC$4.5 million on completion of a Feasibility Study (FS) on the Project NevGold will enter into an Investor Rights Agreement with GoldMining with customary rights including pre-emptive equity participation rights and a right to appoint a Board member NevGold CEO, Brandon Bonifacio, comments: “NevGold is extremely pleased to enter the option agreement to acquire Nutmeg Mountain.
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