Nevada Exploration Announces Non-Brokered Private Placement
October 18, 2010
Nevada Exploration Inc. (“NGE”) (TSX-V:NGE) today announced a non-brokered offering of up to 4,000,000 units (the “Units”) on a private placement basis at a price of $0.07 per Unit (the “Offering), for total gross proceeds of up to $280,000. Each Unit will consist 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 one year. Proceeds from the offering will be used to further NGE’s exploration projects and for general working capital.
The offering is scheduled to close on or about November 1, 2010, and is subject to receipt of all necessary regulatory and stock exchange approvals. The shares issued upon the closing of the Offering will be subject to a four month hold period from the date of issue, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities.
Subject to approval by the TSX Venture Exchange and applicable securities legislation, a finder’s fee in cash, Units, or warrants may be paid in connection with the Offering.
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.