NexGold and Signal Gold Announce Merger to Advance Gold Projects in Canada

NexGold Mining Corp and Signal Gold Inc. have entered into an agreement to merge, forming a prominent near-term gold developer in Canada. The merger combines the Goliath Gold Project in Ontario and the Goldboro Gold Project in Nova Scotia, boasting a combined mineral resource of 4.7 million ounces. The aim is to produce over 200,000 ounces annually.

The merger involves a concurrent private placement of $11.5 million and a proposed debt restructuring to further financial support. This collaboration eliminates single asset risks, with both projects holding advanced permitting approvals.

The new entity plans to leverage synergies and grow through exploration, all under a revamped management team blending their expertise in geology, engineering, and finance. The merger awaits shareholder and regulatory approvals, with completion expected in December 2024.