By Devika Patel
Knoxville, Tenn., July 29 - Nevada Exploration Inc. announced it plans a C$1.31 million non-brokered private placement of units.
The company will sell 25 million units at C$0.0525 apiece. The units consist of one common share and one half-share warrant. Each whole warrant will be exercisable at C$0.10 for two years.
The warrants may expire sooner if the company's volume-weighted average share price averages at or above CAD $0.20 per share for20 consecutive trading days. In that case, the warrants will expire 30 days after the company notifies holders.
Proceeds will be used for exploration and general working capital.
Nevada Exploration is a resource exploration company based in Montreal.
| Issuer: | Nevada Exploration Inc.
|
| Issue: | Units of one common share and half-share warrant
|
| Amount: | C$1,312,500
|
| Units: | 25 million
|
| Price: | C$0.0525
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | July 29
|
| Stock symbol: | TSX Venture: NGE
|
| Stock price: | C$0.075 at close July 28
|
| Market capitalization: | C$2.66 million
|
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