Nevada Exploration Inc. Closes $1.1M Financing
VANCOUVER, British Columbia, Nov. 27, 2017 — Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V:NGE) (OTCQB:NVDEF) is pleased to announce that it has closed, subject to final TSX Venture Exchange approval, a non-brokered private placement, issuing 2,787,500 units (the “Units”) at a price of $0.40 per Unit for total gross proceeds of $1,115,000.
Each Unit consists of one common share and one non-transferable common share purchase warrant. Each warrant entitles the holder to purchase one common share at an exercise price of $0.65 for a period of 12 months. All securities issued are subject to a four month plus one-day hold period expiring March 28, 2018. Proceeds from the offering will be used to advance NGE’s exploration programs, as well as for general working capital.
In connection with the Offering, the Company paid finders fees totalling 133,750 Units.
About 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’s team has spent the last decade integrating the use of hydrogeochemistry (groundwater chemistry) with conventional exploration tools to develop a Nevada-specific regional-scale geochemistry exploration program. With innovative technology, NGE has completed the world’s largest groundwater sampling program for gold exploration, collecting more than 5,000 samples, to evaluate Nevada’s covered basins for new gold exploration targets. To advance follow-up targets, NGE has overcome the high drilling costs that have previously prohibited the wide-spread use of drilling as a prospecting tool by developing its Scorpion Drill Rig, Nevada’s first truck-mounted small-diameter RC drill rig specifically tailored to the drilling conditions in Nevada’s basins (analogous to RAB drilling in other parts of the world).
By integrating hydrogeochemistry and early-stage low-cost drilling with conventional exploration methods, NGE is generating and advancing a significant portfolio of gold exploration projects in Nevada. NGE and its exploration partners have now drilled more than 18,000 metres on targets defined by its exploration program, and at several projects have discovered new large hydrothermal systems, with spatial extents covering several square kilometres, defined by system-appropriate alteration in bedrock over significant drill intervals (>100 feet) containing widespread low-level gold (>100 ppb) and supporting trace-element lithogeochemistry consistent with the geologic and geochemical footprints of Nevada’s large gold deposits. These are the types of footprints that are associated with multi-million-ounce gold deposits in Nevada, and with these results NGE believes that it has demonstrated the validity of its integrated exploration program to discover and advance new high-quality gold targets in otherwise blind settings.
By overcoming the challenges and radically reducing the costs of exploring in Nevada’s covered basins, NGE is taking meaningful steps to open this important new search space up for district-scale exploration. NGE’s business model is to create shareholder value by leveraging its properties and technology through generative exploration, joint ventures, and other exploration partnerships.
For further information, please contact:
Nevada Exploration Inc.
Tel: +1 (604) 601 2006
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.