Non-brokered deal funds advancement of company's exploration projects
By Devika Patel
Knoxville, Tenn., March 21 - Nevada Exploration Inc. said it raised C$258,000 in the initial tranche of a non-brokered private placement of units. The deal priced for C$1.2 million on Feb. 23.
The company is selling 15 million units of one common share and one half-share warrant at C$0.08 per unit. It sold 3,225,000 units in this tranche.
Each whole warrant is exercisable at C$0.12 for one year. The strike price is a 20% premium to C$0.10, the Feb. 22 closing share price.
Proceeds will be used to advance exploration projects and for general working capital.
Nevada Exploration is a resource exploration company based in Montreal.
| Issuer: | Nevada Exploration Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 15 million
|
| Price: | C$0.08
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.12
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 23
|
| Settlement date: | March 21 (for C$258,000)
|
| Stock symbol: | TSX Venture: NGE
|
| Stock price: | C$0.10 at close Feb. 22
|
| Market capitalization: | C$7.04 million
|
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