VANCOUVER, BC, April 18, 2022 – Nevada King Gold Corp. (TSX-V: NKG; OTCQX: NKGFF)  (“Nevada King” or the “Company”) is pleased to announce an increase to its previously announced $6,795,000 non-brokered private placement financing (the “Private Placement”) initially announced on April 5, 2022.

Highlights:

  • Nevada King has increased the Private Placement primarily due to significant demand from existing shareholders and intends to raise $11,250,000 through the issuance of 25,000,000 common shares (the “Shares”) of the Company priced at $0.45 per Share. Closing is anticipated in the coming days.
  • Chief Executive Officer Collin Kettell has increased his subscription to $4,500,000. As such, participation by management and insiders will make up roughly half of the financing.
  • Following the close of this Private Placement, the Company will have working capital in excess of $23-million that will underpin its plans to aggressively pursue exploration activities on its strategic land holdings along the Battle Mountain Trend.

Collin Kettell, Founder & CEO of Nevada King, stated: “As Nevada’s third largest mineral claim holder and as one of Nevada’s most active exploration companies, Nevada King is built to be big in every way. I am excited to be announcing an increase in size of the financing, as well as an increase in my participation to $4,500,000. With active exploration and drilling programs underway on multiple targets within our Battle Mountain Trend holdings, supported by the recent bolstering of our technical team and the increase in our working capital to approximately $23-million, Nevada King is poised for significant growth ahead. I am very pleased with how the Company is now positioned and excited for our 2022 exploration season and beyond.”

Details Regarding the Private Placement

The Private Placement is fully allocated and closing of the Private Placement is anticipated to occur shortly. Closing of the Private Placement is subject to certain customary conditions, including, without limitation, approval of the TSX Venture Exchange.

The Shares issued pursuant to the Private Placement will be subject to a statutory hold period expiring four months and one day from the date of issuance of such securities. The proceeds of the Private Placement will be used to advance Nevada King’s development and exploration stage assets and for other general corporate purposes.

The majority of the Private Placement is being raised from existing shareholders and current directors, executive officers, business associates and employees, some of whom are insiders of the Company. Any participation by insiders in the Private Placement would constitute a “related party transaction” as defined under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, the Company expects that the Private Placement will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the Shares subscribed for by the insiders, nor the consideration for the Shares paid by such insiders, will exceed 25% of the Company’s market capitalization. A material change report in connection with the Private Placement is expected to be filed less than 21 days before the closing of the Private Placement. This shorter period is reasonable and necessary in the circumstance as the Company wishes to complete the Private Placement in a timely manner.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

About Nevada King Gold Corp.

Nevada King is the third largest mineral claim holder in the State of Nevada, behind Nevada Gold Mines (Barrick/Newmont) and Kinross Gold. Starting in 2016 through to the present day the Company has staked large project areas hosting significant historical exploration work along the Battle Mountain trend located close to current or former producing gold mines. These project areas were initially targeted based on their potential for hosting multi-million ounce gold deposits and were subsequently staked following a detailed geological evaluation. District-scale projects in Nevada King’s portfolio include (1) the 100% owned Atlanta Mine, located 100km southeast of Ely, (2) the Lewis and Horse Mountain-Mill Creek projects, both located between Nevada Gold Mines’ large Phoenix and Pipeline mines, and (3) the Iron Point project, located 35km east of Winnemucca, Nevada.

The Atlanta Mine is a historical gold-silver producer with a NI 43-101 compliant pit-constrained resource of 460,000 oz Au in the measured and indicated category (11.0M tonnes at 1.3 g/t) plus an inferred resource of 142,000 oz Au (5.3M tonnes at 0.83 g/t). See the NI 43-101 Technical Report on Resources titled “Atlanta Property, Lincoln County, NV” with an effective date of October 6, 2020, and a report date of December 22, 2020, as prepared by Gustavson Associates and filed under the Company’s profile on SEDAR (www.sedar.com). The scientific and technical information in this news release has been reviewed and approved by Calvin R. Herron, P.Geo., who is a Qualified Person as defined by NI 43-101.

Tabulation of NI 43-101 Mineral Resources at the Atlanta Mine

Please see the Company’s website at www.nevadaking.ca.

For more information, contact Collin Kettell at [email protected] or (301) 744-8744.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statements Regarding Forward Looking Information

This news release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities legislation. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of Nevada King, the proposed closing of the Private Placement and the use of proceeds raised from the Private Placement are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”, and similar expressions, or statements that events, conditions, or results “will”, “may”, “could”, or” should” occur or be achieved. Forward-looking statements in this news release relate to, among other things, closing of the Private Placement and the receipt of all necessary regulatory approvals in connection therewith, use of proceeds from the Private Placement, acquisition of additional mineral claims, exploration plans and the Company’s ability to potentially expand mineral resources and the impact thereon. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to complete proposed exploration work given the global COVID-19 pandemic, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.

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