Vancouver, BC - December 16, 2010 - NioGold Mining Corporation (TSX-V: NOX). Further to its news release of November 15, 2010, NioGold is pleased to announce that it has increased the brokered portion of its private placement by $1 million through the offering of an additional 3,125,000 Units. Northern Securities Inc. is acting as lead agent on the brokered portion of the private placement, with a bought deal commitment from Northern Financial Corporation.
The terms of the brokered portion of the offering otherwise remain the same, and will now consist of $5,000,000 in Units and $2,000,000 in Flow-Through shares, at a price of $0.32 per Unit and $0.38 per Flow-Through Share. Each Unit will consist of one Common Share and one-half of a Warrant, with each whole Warrant entitling the holder to acquire one Common Share at an exercise price of $0.48 for a period of two years. The Company will also raise, on a non-brokered basis, up to an additional $500,000 through the issuance of Flow-Through Shares at a price of $0.38 per Flow-Through Share.
The offering remains subject to the approval of the TSX Venture Exchange, Northern's completion of due diligence and other customary closing conditions. All securities issued pursuant to the private placement will be subject to a four-month hold period. The funds raised from the offering will be used to finance exploration and for general working capital purposes.
