VANCOUVER, July 8 /CNW/ - Van Hoof Industrial Holdings Ltd. of Tortola, British Virgin Islands announces that on June 18, 2010, it acquired ownership of, and control and direction over, 9,601,600 common shares of NSGold Corporation (NSX : TSXV), representing 31.89% of the issued and outstanding common shares of NSGold, as well as 700,000 common share purchase warrants of NSGold, representing 4.79% of the issued and outstanding warrants of NSGold. Van Hoof Industrial Holdings Ltd. did not hold any securities of NSGold Corporation prior to these transactions.
Van Hoof Industrial Holdings Ltd. is a private company controlled by Johannes H.C. van Hoof, the President and a director of NSGold Corporation.
Of the 9,601,600 shares, 8,201,600 shares were acquired by Van Hoof Industrial Holdings Ltd. at a deemed price of $0.25 per share pursuant to a "Qualifying Transaction". The 8,201,600 shares are subject to an escrow agreement pursuant to the applicable policies of the TSX Venture Exchange.
The balance of 1,400,000 common shares of NSGold Corporation were acquired by Van Hoof Industrial Holdings Ltd. pursuant to a private placement at a price of $0.25 per share, for a total of $350,000, which private placement closed concurrently with the "Qualifying Transaction". Each of the 1,400,000 common shares was accompanied by one-half of a common share purchase warrant. Each whole warrant entitles the holder to acquire one additional common share at an exercise price of $0.50 per share for a period of twelve months, subject to the right of NSGold Corporation to reduce the exercise period in certain circumstances. The shares and warrants acquired by Van Hoof Industrial Holdings Ltd. in the private placement are subject to a "hold period" expiring on October 19, 2010.
The details of the "Qualifying Transaction" and concurrent private placement may be found in a press release issued by NSGold Corporation on June 23, 2010.
Van Hoof Industrial Holdings Ltd. may from time to time acquire ownership of, or control or direction over, additional securities of NSGold Corporation. Van Hoof Industrial Holdings Ltd. acquired the shares and warrants of NSGold Corporation for investment purposes.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE NSGold Corporation
For further information: For further information: Glenn A. Holmes, Chief Financial Officer, NSGold Corporation, (902) 483-2308, firstname.lastname@example.org