By Devika Patel
Knoxville, Tenn., Aug. 26 - Nevada Exploration Inc. announced it raised C$415,400 in the first tranche of a C$1 million non-brokered private placement of units. The deal priced July 26.
The company is selling 20 million units at C$0.05 apiece. It sold 8,308,000 units in the first tranche.
The units consist of one common share and one half-share warrant.
Each whole one-year warrant will be exercisable at C$0.10. The strike price represents a 66.67% premium to the July 23 closing share price of C$0.06.
Proceeds will be used for exploration and general working capital.
Nevada Exploration is a resource exploration company based in Montreal.
Issuer: | Nevada Exploration Inc.
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Issue: | Units of one common share and a half-share warrant
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Amount: | C$1 million
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Units: | 20 million
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Price: | C$0.05
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.10
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Agent: | Non-brokered
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Pricing date: | July 26
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Settlement date: | Aug. 26 (for C$415,400)
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Stock symbol: | TSX Venture: NGE
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Stock price: | C$0.06 at close July 23
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Market capitalization: | C$4.97 million
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