By Devika Patel
Knoxville, Tenn., Sept. 3 - Nevada Exploration Inc. announced it raised C$680,227 in the second and final tranche of a C$1.1 million non-brokered private placement of units. The deal priced for C$1.31 million on July 29 and the company took in C$422,045 in the first tranche on Aug. 21.
The company sold 8,038,961 units at C$0.0525 apiece in the first tranche and 12,956,712 units in the second tranche.
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 C$0.20 per share for 20 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$1,102,272
|
| Units: | 20,995,673
|
| 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
|
| Settlement date: | Aug. 21 (for C$422,045), Sept. 3 (for C$680,227)
|
| Stock symbol: | TSX Venture: NGE
|
| Stock price: | C$0.075 at close July 28
|
| Market capitalization: | C$4.72 million
|
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