11:13 AM EDT, 08/26/2024 (MT Newswires) -- NevGold ( NAUFF ) said Monday it is raising up to $8 million in an offering of unsecured convertible securities.

The financing comprises $3.5 million for the first tranche and up to $4.5 million for the second tranche.

The company plans to use the proceeds to advance its Nutmeg Mountain gold project in Idaho, the Limousine Butte gold project in Nevada, and the Zeus copper project in Idaho.

NevGold ( NAUFF ) will also use the funds for general working capital purposes.

"Although the financing markets remain challenging with commodity prices reaching all-time highs, this funding package provides a flexible structure which will allow us to rapidly advance our portfolio leading to significant news flow and developments over the coming year," chief executive Brandon Bonifacio said.

The company's shares were last seen up $0.005 to $0.355 on the TSX Venture Exchange.

Price: 0.36, Change: +0.01, Percent Change: +1.43