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Notable Work

Silver Mountain Mines Inc. completes RTO to become NevGold Corp. and closes C$6.3 million financing

The combination of the Silver Mountain Mines and Nevgold creates a strong diversified exploration and development company with assets across North America in well established mining camps.

Brandon Bonifacio, President, CEO, and Director of NevGold, commented: “We are very pleased with the support from our existing and new shareholder base and the level of interest with a financing that was well over our minimum target. Our team is excited to advance and de-risk our highly prospective, district-scale asset base in Nevada and British Columbia by leveraging our strong operational track record of project development success to deliver value for all of our stakeholders. We now look forward to commencing our field programs at the Limousine Butte, Cedar Wash, and Ptarmigan properties over what will be a very active remainder of 2021 for NevGold”.

Steve Konopelky, President, CEO, and Director of Silver Mountain, and incoming Director of NevGold: “I’d like to thank NevGold’s team for all of their continued efforts and all SMM shareholders for their continued support in this transaction. We are very excited about the coming together of two great companies with untapped potential, and a driven management team. We can now move forward and deliver from our assets: people and projects”.

Maria Nathanail and Breton Gaunt assisted Silver Mountain Mines Inc. (the “Company”) in its acquisition (the “Transaction”) of the privately held NevGold Corp. (“NevGold”). In accordance with the terms of the Transaction, NevGold has amalgamated with a wholly-owned subsidiary of the Company, 1288412 BC Ltd., pursuant to the terms of a definitive amalgamation agreement dated February 17, 2021, as amended, among NevGold, the Company and 1288412 BC Ltd., and the Company has changed its name to “NevGold Corp.” (the “Name Change”). The Transaction constitutes a reverse take-over of the Company pursuant to the polices of the TSX Venture Exchange (the “Exchange”). The common shares of the Company are expected to recommence trading on the Exchange at the opening of the markets on June 28, 2021 under the new ticker symbol “NAU”. The Transaction is subject to the final acceptance of the Exchange.

In connection with completion of the Transaction, NevGold completed a brokered financing (the “Financing”) through the issuance of 15,662,333 subscription receipts (each, a “Subscription Receipt”) at a price of $0.40 per Subscription Receipt, for gross proceeds of $6,264,933.20 with Red Cloud Securities Inc. acting as lead agent, and a syndicate including Haywood Securities Inc. (collectively, the “Agents”).

Concurrently with the completion of the Transaction, the Company acquired the Limousine Butte and Cedar Wash projects in Nevada from McEwen Mining Inc. (“McEwen”) through the Company’s wholly-owned subsidiary Nevgold USA Inc. On closing of the Transaction, the Company issued to McEwen 4,963,455 common shares of the Company and common share purchase warrants of the Company exercisable to acquire 2,481,727 common shares of the Company, which warrants have an exercise price equal to $0.60 per warrant share until June 22, 2023.


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