Nevada Exploration Closes Shares for Debt Transactions
January 14, 2015
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE) is pleased to announce that it has obtained shareholder approval for the previously announced shares for debt agreements with management and a non-arms length party to settle a total of $102,500 in accrued salaries and debt by issuing 2,050,000 Common Shares at a price of $0.05 per Common Share.
Additionally, NGE has agreed to issue and Genesis Gold Corporation (“Genesis”), an arm’s length party, has agreed to accept 800,000 Common Shares at a price of $0.05, plus $10,000 USD in cash to be paid on or before September 1, 2015, to satisfy the 2014 annual payment due to Genesis under a Mining Lease and Option to Purchase Agreement on Genesis’s Hot Pot Claims that form the core of NGE’s Kelly Creek Property in Humboldt County, Nevada.
Together, subject to TSX Venture Exchange final approval, NGE will issue a total of 2,850,000 Common Shares at a price of $0.05 to satisfy $142,500 in debt. The shares will be subject to a four month hold period expiring May 15, 2015.
About Nevada Exploration Inc.
NGE is an exploration company focused on gold in Nevada. NGE is led by an experienced management team that has been involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in covered deposit exploration technology to identify, acquire, and advance new exploration properties in Nevada’s highly prospective, yet underexplored covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged.
Using its industry-leading exploration technology, NGE has assembled a portfolio of new gold projects, and with interests in more than 80 square kilometres (31 sq mi), has established itself a major player in this world class jurisdiction. NGE’s business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
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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 and referenced presentation 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.