Nevada Exploration Inc. Announces Closing of Oversubscribed Financing
July 12, 2016
Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQX: NVDEF) is pleased to announce that it has closed, subject to final TSX Venture Exchange approval, the non-brokered private placement offering announced on June 23, 2016 (the “Offering”), having increased the size of the Offering from 4,285,715 units to 5,000,000 units (the “Units”) at a price of $0.35 per Unit (the “Offering”), for total gross proceeds of $1,750,000.
NGE’s President James Buskard comments: “We are very pleased by the strong support we are receiving for our gold exploration program in Nevada. With these funds, we are well positioned to deliver on a comprehensive 2016 exploration program, the highlight of which will be the commissioning of our own truck-mounted small diameter reverse circulation drill rig, which we understand to be the first such rig in Nevada. With its commissioning, we expect to radically reduce the cost of early stage drilling in Nevada, and by continuing to lower the costs of exploring Nevada’s highly prospective yet under-explored covered basins, our goal remains to maximize the Company’s exposure to the upside of discovering new gold deposits in Nevada.”
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 $0.60 for a period of 18 months. All securities issued are subject to a four month plus one-day hold period expiring November 13, 2016.
Proceeds from the offering will be used to advance NGE’s exploration projects, as well as for general working capital.
In connection with the Offering, the Company paid finders fees totalling $30,392.25 in cash and 147,600 Units.
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 has developed proprietary hydrogeochemistry (groundwater chemistry) exploration technology to explore for gold in Nevada’s covered basins where traditional exploration techniques are challenged. NGE is aggressively applying this latest technology in covered deposit exploration to identify, acquire, and advance new exploration properties in Nevada’s highly prospective yet underexplored covered basins.
Using its industry-leading exploration technology, NGE has assembled a portfolio of new gold projects, and has established itself as 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 and development.
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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.
The securities issued by NGE have not been, 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. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the securities in the United States or in any jurisdiction in which such offer, sale or solicitation would be unlawful.
Wade A. Hodges, CEO & Director, Nevada Exploration Inc., is the Qualified Person, as defined in National Instrument 43-101, and has prepared the technical and scientific information contained in this News Release.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking information”) within the meaning of applicable securities laws, including, without limitation, expectations, beliefs, plans, and objectives regarding projects, potential transactions, and ventures discussed in this release.
In connection with the forward-looking information contained in this news release, the Company has made numerous assumptions, regarding, among other things, the assumption the Company will continue as a going concern and will continue to be able to access the capital required to advance its projects and continue operations. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies.
In addition, there are known and unknown risk factors which could cause the Company’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. 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.
A more complete discussion of the risks and uncertainties facing the Company is disclosed in the Company’s continuous disclosure filings with Canadian securities regulatory authorities at www.sedar.com. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.