Nevada Exploration Inc
Application of a new and unique exploration methodology: Groundwater Chemistry.
Message: Nevada Exploration Completes $258,000 First Tranche of Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 21, 2011) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Nevada Exploration Inc. ("NGE") (TSX VENTURE:NGE) announces that it has closed, subject to TSX Venture Exchange final approval, the first tranche of the non-brokered private placement ("Offering") previously announced on February 23, 2011. NGE has issued 3,225,000 Units at a price of $0.08, for gross proceeds of $258,000. 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 $0.12 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 July 22, 2011, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities. The proceeds of this tranche will be used 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.
In conjunction with a portion of this the first tranche, NGE paid finders' fees to arm's length parties totalling $16,960 in cash and 212,000 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 July 22, 2011.
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 30M 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.
NGE has assembled a portfolio of nine new projects, and with over 20,000 hectares (75 sq mi), is evolving as a major player in this world class jurisdiction. To date, NGE has attracted two joint venture partners, Northgate Minerals Corp. and International Enexco Ltd., and NGE is actively looking to complete additional joint ventures on its other projects.
Cautionary Statement on Forward-Looking Information:
This release contains certain "forward-looking statements" including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release. Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.
FOR FURTHER INFORMATION PLEASE CONTACT: James Buskard
Nevada Exploration Inc.
Vice President Corporate Development
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