Nordgold Participates in Northquest Ltd Private Placement
Amsterdam, Netherlands, November 27, 2014 – Nord Gold N.V. (“Nordgold” or the “Company”, LSE: NORD), an internationally diversified low-cost gold producer, is pleased to announce that it has exercised in full its right to participate pro rata in equity issuances by Northquest Ltd. (TSX-V:NQ) (“Northquest”) through participation in a non-brokered private placement of Northquest.
The Company has acquired 3,075,000 common shares of Northquest for total proceeds of CAD$369,000 (approximately US$326,636).
As of November 26, 2014, Nordgold holds an aggregate of 15,852,777 common shares and an additional 6,388,889 convertible securities of Northquest, representing approximately 23.7% of the issued and outstanding common shares of Northquest on a non-diluted basis.
Northquest owns the Pistol Bay Gold Project, a high grade exploration project located in Nunavut Territory, northern Canada, on the west coast of Hudson Bay.
Pistol Bay is a promising project and an important part of our investment portfolio. As we are seeing positive results from the field we are pleased to support Pistol Bay development through participation in this private placement financing in Northquest.Nikolai Zelenski, Chief Executive Officer, Nordgold
Nordgold (LSE: NORD) is an international low-cost gold producer established in 2007. The Company has expanded rapidly through carefully targeted acquisitions and organic investment, achieving a rate of growth unmatched in the industry during that period. In 2013 Nordgold’s gold production was 924 thousand ounces, up from 717 thousand ounces in 2012.
The company operates 9 active mines and has 2 development projects, 4 advanced exploration projects and a diverse portfolio of early-stage exploration projects and licenses in Russia, Kazakhstan, Burkina Faso, Guinea, French Guiana, and Canada. Nordgold employs about 10,000 people.
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