Nevada Exploration Closes
$1,000,000 Private Placement
Nevada Exploration Inc. (�NGE�) (TSX-V:NGE) is pleased
to announce that it has closed, subject to TSX Venture Exchange final approval,
the non-brokered private placement (�Offering�) previously announced on
December 5, 2012. NGE has issued 10,000,000 Units at a price of $0.10,
for gross proceeds of $1,000,000. Each Unit consists 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 $0.15 for a period of one year, subject to an accelerated
expiry provision described below (the �Warrants�). All shares issued are
subject to a four month hold period expiring April 25, 2012, as well as to any
other re-sale restrictions imposed by applicable securities regulatory
authorities. The proceeds of this tranche will be used to advance NGE�s
exploration projects and for general working capital.
If on any 20 consecutive trading days after the
issuance of the Units, the closing sales price (or closing bid price on days
when there are no trades) of the common shares of NGE quoted on the TSX Venture
Exchange is greater than $0.25, NGE may accelerate the expiry date of the
Warrants to the 30th day after the date on which NGE gives notice to the
Warrant holder of such acceleration.
In conjunction with the Offering, NGE paid finders�
fees to arm�s length parties totalling $36,920 in
cash and issued 369,200 Broker Warrants exercisable under the same terms as
those warrants issued as part of the Units in the Offering. All Broker
Warrants are subject to a four month hold period expiring April 25, 2012.
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.
NGE is an exploration company focused on gold in
Nevada. NGE is led by an experienced management team that has been
involved with the discovery of more than 30 million ounces of gold in Nevada.
NGE is aggressively applying the latest in covered
deposit exploration technology to identify, acquire, and advance new
exploration properties in Nevada�s highly prospective, yet underexplored
covered basins. Specifically, NGE has developed proprietary hydrogeochemistry (groundwater chemistry) exploration
technology to explore for gold in Nevada�s covered basins where traditional
exploration techniques are challenged.
Using its industry leading exploration technology, NGE
has assembled a portfolio of nine new gold projects, and with over 13,500
hectares (52 sq mi), is evolving as a major player in
this world class jurisdiction. NGE�s business model is to leverage its
properties and technology to create shareholder value through generative
exploration, joint ventures, and other exploration partnerships.