Northgold, a Swedish gold exploration and development company with multiple resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland, has decided to carry out a rights issue of units of approximately SEK 15.2 million.
The net proceeds from the capital raise are intended to be used to analyse the results from a drilling program completed this year and finance operating costs. The company has received subscription and underwriting commitments for approximately 50 percent of the rights issue, ensuring sufficient runway until June 2025.
Augment is acting as financial advisor to Northgold in connection with the transaction.