Monday, July 19, 2010

BVI company acquires shares of NSGold Corporation

British Virgin Islands-based private company Van Hoof Industrial Holdings Ltd. made an announcement that on June 18 it acquired ownership of 9,601,600 common shares of NSGold Corporation. This amount represents 31.89% of the full stock of common shares, both issued and outstanding, of NSGold. Of them, 8,201,600 shares were acquired by Van Hoof Industrial Holdings at a deemed price of $0.25 per share, pursuant to a Qualifying Transaction.

The BVI holding also acquired 700,000 common share purchase warrants of NSGold, representing 4.79% of its issued and outstanding warrants. The shares and warrants acquired by Van Hoof in the private placement are subject to a “hold period” which is to expire on October 19, 2010.

By terms of the purchase agreement, Van Hoof Industrial Holdings Ltd. may from time to time acquire ownership, control or direction over additional securities of NSGold Corporation. The shares and warrants of NSGold Corporation were acquired by the BVI holding for investment purposes.