Next Gen Metals Inc. (CNSX: N) ("Next Gen" or the "Company") wishes to announce that further to its news releases of July 19th and 30th and August 12, 2010, the Company has completed the second and final tranche of its non-brokered private placement and has issued 2,295,000 units (the "Units"), at a price of $0.15 per Unit for gross proceeds of $344,250, under the same terms and conditions as set out in the July 19, 2010 news release. The private placement was oversubscribed and was increased from 3,333,334 Units to 5,200,000 Units for total gross proceeds of $780,000. All of the securities issued pursuant to the first and second tranches of this private placement are subject to regulatory hold periods expiring December 1 and December 19, 2010, respectively. In connection with the closing of the financing, the Company has paid finder's fees of $9,574 in cash.
Net proceeds will be used for the exploration of the Company's projects and for general working capital.
About Next Gen Metals Inc.
Next Gen Metals Inc. "Next Gen" or the "Company" is a diversified mineral exploration company with a focus on gold, silver and base metals projects in North America. Next Gen is developing the Silver Chalice Property, located in Alaska and the recently acquired Fate Gold Project located in the Abitibi Greenstone Belt of Northwest Québec, one of the most famous gold and base metals regions in the world.
Next Gen is the newest company to join the International Metals Group and is listed on the CNSX under the symbol "N". The new Board of Directors is comprised in part with directors from the International Metals Group (>www.nextgenmetalsinc.com
On behalf of the Board of Directors
"Harry Barr"
Harry Barr, President & CEO, Next Gen Metals Inc.
The Canadian National Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Disclaimer: This news release may contain certain "forward-looking statements". All statements, other than statements of historical fact, included herein are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company's expectations are disclosed in the Company's documents filed from time to time with the British Columbia Securities Commission and available at www.sedar.com or filed with the Canadian National Stock Exchange. Any forward-looking statements are not guarantees of the Company's future performance and are subject to risks and uncertainties that could cause actual results, developments, and business decisions to differ materially from those contemplated by any forward-looking statements.
Except as required by law, the Company undertakes no obligation to update any forward-looking statements.
