Nevada Exploration Completes $415,000 First Tranche of Private Placement
August 26, 2010
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) today announced that it has closed, subject to TSX Venture Exchange final approval, the first tranche of the non-brokered private placement (“Offering”) previously announced on July 26, 2010. NGE has issued 8,308,000 Units at a price of CAD$0.05, for gross proceeds of CAD$415,400. 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 CAD $0.10 for a period of twelve months. All shares issued are subject to a four month hold period expiring December 26, 2010, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities. No finder’s fees were paid in connection with this first tranche of the Offering.
The proceeds of this tranche will be used to satisfy NGE’s upcoming claim maintenance fees and for general working capital. NGE is looking to secure additional funds to complete further work to advance its portfolio of Nevada gold properties.
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.
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, and has completed the first ever comprehensive survey of Nevada’s groundwater focused on discovering new gold deposits. NGE has demonstrated that Nevada’s gold deposits exhibit recognizable and measurable groundwater chemistry signatures and NGE is 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.