Nevada Exploration Inc. (TSX-V: NGE) (OTCQB: NVDEF) is pleased to announce that it has closed its previously announced non-brokered private placement offering, pursuant to which it has issued 5,625,000 units at a price of $0.20 CAD per Unit, for gross proceeds of $1,125,000 CAD.
Commenting on the financing, NGE’s President, James Buskard: “As we shared in our South Grass Valley Project update news release last month, based on continued positive results, we’ve planned an ambitious follow-up drilling program for 2020. With this financing now complete, we’re in discussions with contractors, and subject to availability, our goal is to restart drilling next month. Our team is excited to get back out drilling, and we sincerely thank our stakeholders for their continued strong support.”
Each Unit consists of one common share in the capital of the Company and one-half of one Common Share purchase warrant, with each whole Warrant entitling the holder to acquire an additional Common Share at an exercise price of $0.50 per Common Share for 30 months. If the closing price of the common shares of NGE quoted on the TSX Venture Exchange is greater than $0.90 for 10 consecutive trading days, NGE may accelerate the expiry date of the Warrants to the 30th day after the date on which NGE gives notice to the Warrant holders of such acceleration.
Proceeds from the Offering will be used for continued work at the Company’s South Grass Valley Project and for general working capital. All securities issued are subject to a four month plus one day hold period expiring April 6, 2020. In connection with the Offering, the Company paid finders’ fees totaling 216,650 Units.
About Nevada Exploration Inc.
NGE is an exploration company advancing a portfolio of new district-scale Carlin-type gold projects in north-central Nevada. NGE is led by an experienced management team that has been involved in several major discoveries in Nevada, including the discovery of Lone Tree and Rabbit Creek (part of the Twin Creeks Mine).
NGE’s team has spent the last decade integrating the use of hydrogeochemistry with conventional exploration tools to develop a Nevada-specific regional-scale geochemistry exploration program. With new proprietary technology, NGE has completed the world’s largest groundwater sampling program for gold exploration, collecting approximately 6,000 samples to evaluate Nevada’s covered basins for new gold exploration targets.
By integrating hydrogeochemistry with conventional exploration methods, NGE is leading the industry to open this important new search space to explore for large new Carlin-type gold deposits.
A photo accompanying this announcement is available at
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