11:02 AM EDT, 03/25/2024 (MT Newswires) -- Nevada King Gold Corp. ( NKGFF ) said Monday that it has raised gross proceeds of about $9.9 million by completing a non-brokered private placement financing.

The company issued about 28.4 million common shares at $0.35 apiece.

The private placement was fully allocated to insiders, existing shareholders, and a new strategic shareholder of the company.

Also, company founder and Chief Executive Officer Collin Kettell participated for $2 million.

Two significant shareholders of the company subscribed for $4.2 million and about $1.4 million, respectively. A new strategic shareholder participated for $2 million.

The company plans to use the proceeds to advance the company's Atlanta Gold Mine Project and for working capital purposes of Nevada King.

The company's stock slipped 1.3% on last look on Monday.