Northgold is a Swedish gold exploration and development company with multiple resource-stage projects in the Middle Ostrobothnia Gold Belt (MOGB) of Central Finland.
The company has carried out a rights issue of units. In total, 747,981 units were subscribed for in the rights issue, corresponding to approximately SEK 7.6 million.
In connection with the rights issue of units the Company unveiled a new strategic direction. According to the new strategy, Northgold will maintain the current main asset base in a cost-effective manner, while continuing to evaluate potential partnerships and collaborations as well as structured deals and opportunities.
The company will after the repayment of a bridge loan and issuing costs use the remaining net proceeds to analyse the results from a drilling program completed this year and finance operating costs.
Augment acted as financial advisor to Northgold in connection with the rights issue.