07:16 AM EDT, 03/24/2026 (MT Newswires) -- Nevada King Gold ( NKGFF ) said Tuesday that it intends to raise $16 million from a fully subscribed private placement of shares.

Centerra Gold ( CGAU ) will acquire 9.9% of the issued and outstanding shares at $0.21 apiece, for $10 million proceeds. As strategic investor, Centerra will also be granted financing participation rights going forward, a statement said.

Nevada King chair, Collin Kettell, and its largest shareholder, Michael Parker, will also participate to maintain their pro-rata interests, for expected proceeds of $6 million.

Proceeds will be used to develop the Atlanta Gold Mine Project property. The financing is expected to close in the second quarter.

"This strategic investment from Centerra culminates a lengthy period of due diligence and is a strong endorsement for both the quality and growth potential of the Atlanta Gold Mine Project, as well as for Nevada King's exploration team," said Nevada King chief executive John Sclodnick.