NexGold Mining Corp. (TSX-V: NEXG) (OTCQX: NXGCF) is pleased to announce that it has closed its previously announced bought deal private placement. Pursuant to the offering, NexGold issued 13,889,000 units of the Company at a price of C$0.72 per Unit for aggregate gross proceeds of C$10,000,080. Each Unit consists of one common share of the Company and one common share purchase warrant. Each Warrant is exercisable to acquire one Common Share of the Company for a period of 36 months at an exercise price of C$1.05 from the closing of the Offering. The Offering was led by National Bank Financial Inc. and included Red Cloud Securities Inc. as a Co-Manager. The Underwriters were paid a cash commission equal to 6.0% of the gross proceeds of the Offering, excluding proceeds from the sale of $500,000 worth of Units to certain president’s list purchasers, on which no commission was payable.

The net proceeds of the Offering will be used for the continued advancement of the Company’s mineral properties and for general corporate purposes.

The securities issued pursuant to the Offering shall be subject to a four-month plus one day hold period in Canada commencing today under applicable Canadian securities laws.

An insider of the Company has subscribed for 348,000 Units under the Offering for aggregate gross proceeds of $250,560. The subscription by the “insider” is considered to be a “related party transaction” for purposes of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company did not file a material change report more than 21 days before the expected closing date of the Offering as the details of the Offering and the participation therein by the “related party” of the Company were not settled until shortly prior to the closing of the Offering, and the Company wished to close the Offering on an expedited basis for sound business reasons.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About NexGold Mining Corp.

NexGold Mining Corp. is a gold-focused company with assets in Canada and Alaska. NexGold’s Goliath Gold Complex (which includes the Goliath, Goldlund and Miller deposits) is located in Northwestern Ontario and its Goldboro Gold Project is located in Nova Scotia. NexGold also owns several other projects throughout Canada, including the Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. In addition, NexGold holds a 100% interest in the high-grade Niblack copper-gold-zinc-silver VMS project, located adjacent to tidewater in southeast Alaska. NexGold is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community wellbeing.