April 27, 2009 (FinancialWire) — Yukon-Nevada Gold Corp. (OTC: YNGFF) (TSX: YNG) has closed a $720,000 non-brokered private placement for a total of 12 million units at $0.06 per unit. A finder’s fee was paid on a portion of the private placement.

Each unit will consist of one common share and a warrant that can be exercised to purchase one additional common share at $0.08 per share within 24 months of closing.

One director of the company, Robert E. Chafee, is participating in the private placement and is subscribing for 3,333,333 units. Upon completion of the private placement, the exercise of his warrants and already held shares, Chafee holds 3.61% of the company’s issued share capital.

The warrant shares will be subject to “hold period” expiring on August 25.

Yukon-Nevada will use the proceeds for the resumption of milling at the company’s Jerritt Canyon Mine, Nevada and for working capital.

Canada-based Yukon-Nevada Gold is a North American gold company in the business of discovering and developing gold deposits. The company holds a portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Arizona and Nevada in the United States.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.