Exploration Closes Final Tranche of $560,000 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 second and final tranche of the
non-brokered private placement (�Offering�) previously announced on July 18,
2011. Pursuant to this second and final tranche, NGE has issued
2,350,000 Units at a price of $0.08, for gross proceeds of $188,000.
Each Unit consists of one common share and one-half of one non-transferable
common share purchase warrant. Each whole warrant entitles the holder
to purchase one common share at an exercise price of $0.12 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 December 4, 2011, as well as to any other re-sale restrictions
imposed by applicable securities regulatory authorities. The proceeds
of this second and final tranche will be used to advance NGE�s exploration
projects and for general working capital.
On July 29, 2011, NGE announced the closing of the
first tranche for total gross proceeds of $372,000 through the issuance of
4,650,000 Units. Upon completion of the second and final tranche, NGE
has issued an aggregate of 7,000,000 Units for total gross proceeds of
NGE paid finders� fees in connection with a portion
of this second and final tranche to arm�s length parties totaling $7,776.00
in cash and 97,200 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 December 4, 2011.
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 $0.22, 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.
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 �blind
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 20,000
hectares (75 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.