Nevada Exploration Completes $180,000 Private Placement
November 4, 2010
Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) today announced that it has closed, subject to TSX Venture Exchange final approval, a non-brokered private placement (“Offering”) previously announced on October 18, 2010. Pursuant to the Offering, NGE issued 2,601,074 units (the “Units”) at a price of $0.07, for gross proceeds of $182,075. Each Unit consists of one common share and one-half of one non-transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase one common share at an exercise price of $0.10 for a period of twelve months. All shares issued are subject to a four month hold period expiring March 5, 2011, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities. The proceeds will be used to further NGE’s exploration projects and for general working capital.
In conjunction with the Offering, NGE paid finders’ fees to an arm’s length party totaling $525 in cash and 7,500 Broker Warrants exercisable under the same terms as the Warrants issued as part of the Units.
The securities issued by NGE have not and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.
2010 Annual General Meeting Results
NGE is also pleased to announce the results of a successful Annual General and Special Meeting, held on Thursday, October 28, 2010. All business before the meeting was approved by shareholders, including re-electing NGE’s directors, re-approving NGE’s stock option plan, re-appointing NGE’s auditor, and approving a previously announced shares for debt agreement. NGE wishes to thank its shareholders for their continued support.
Nevada Exploration Inc.
Nevada Exploration Inc. is an exploration company focused on gold in Nevada. NGE has developed proprietary groundwater chemistry exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged. NGE has completed the first ever comprehensive survey of Nevada’s groundwater for mineral exploration and has demonstrated that Nevada’s gold deposits exhibit recognizable and measurable groundwater chemistry signatures. NGE is now using its proprietary technology to identify, acquire, and advance new exploration properties exhibiting groundwater chemistry similar to known gold mines.
For further information please contact:
Vice President Corporate Development
Nevada Exploration Inc.
Tel: (775) 359-7740
Neither the 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.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.