Nevada Exploration Inc. ("NGE") is pleased to announce that it has closed, subject to TSX Venture Exchange final approval, the non-brokered private placement ("Offering") previously announced on December 5, 2012. NGE has issued 10,000,000 Units at a price of $0.10, for gross proceeds of $1,000,000.
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 $0.15 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 April 25, 2012, as well as to any other re-sale restrictions imposed by applicable securities regulatory authorities. The proceeds of this tranche 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 $0.25, 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 the Offering, NGE paid finders' fees to arm's length parties totalling $36,920 in cash and issued 369,200 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 April 25, 2012.
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.
Source: http://www.nevadaexploration.com/