Nevada Exploration Completes
$910,000 Private Placement
Nevada Exploration
Inc. (�NGE�) (TSX-V:NGE) is pleased to announce that it has closed, subject to
TSX Venture Exchange final approval, a non-brokered private placement
(�Financing�) issuing 9,100,000 Units at a price of $0.10, for gross proceeds
of $910,000. 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 $0.14
for a period of two years, subject to an accelerated expiry provision described
below (the �Warrants�). All shares issued are subject to a four month
hold period expiring August 17, 2012. The proceeds of the Financing 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 $0.22, 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. NGE
paid finders� fees in connection with the Financing to arm�s length parties
totaling $60,060 in cash and 728,200 Broker Warrants exercisable under the same
terms as those warrants issued as part of the Units in the Financing. All
Broker Warrants are subject to a four month hold period expiring August 17,
2012.
Share for Debt
Nevada Exploration
Inc. today also announces that subject to TSX Venture Exchange approval, it has
entered into a Shares for Debt Agreement pursuant to which the Company will
issue 200,000 Common Shares at a price of $0.10 to reimburse an arm�s length
party for $20,000 of database and software development services rendered in the
ordinary course of business.
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.