NEVADA KING ANNOUNCES FULLY ALLOCATED UPSIZING OF NON-BROKERED PRIVATE PLACEMENT TO $9.94-MILLION
/NOT FOR DISTRIBUTION TO
Highlights:
- Nevada King has increased the Non-Brokered Private Placement due to demand from existing shareholders and intends to raise gross proceeds of
$9,938,900 (previously expected to be$9,750,000 ) through the issuance of 28,396,857 common shares (the "Common Shares") of the Company priced at$0.35 per Common Share. - The Non-Brokered Private Placement is fully allocated to insiders, existing shareholders, and a new strategic shareholder of the Company.
- Company Founder & Chief Executive Officer
Collin Kettell is subscribing for$2,000,000 . - Two significant shareholders of the Company are subscribing for
$4,200,000 and$1,356,400 , respectively. - A new strategic shareholder to the Company is subscribing for
$2,000,000 .
- Company Founder & Chief Executive Officer
Proceeds of the Non-Brokered Private Placement will be used to advance the
Closing of the Non-Brokered Private Placement remains subject to customary conditions, including, but not limited to, the receipt of all necessary approvals, including the approval of the
Certain insiders of the Company, including
The securities offered in the Non-Brokered Private Placement have not been registered under the
Nevada King is the third largest mineral claim holder in the
The scientific and technical information in this news release has been reviewed and approved by Calvin
Resource Category |
Tonnes |
Au Grade |
Contained Au |
Ag Grade |
Contained Ag |
Measured |
4,130 |
1.51 |
200,000 |
14.0 |
1,860,000 |
Indicated |
6,910 |
1.17 |
260,000 |
10.6 |
2,360,000 |
Measured + Indicated |
11,000 |
1.30 |
460,000 |
11.9 |
4,220,000 |
Inferred |
5,310 |
0.83 |
142,000 |
7.3 |
1,240,000 |
Table 1. NI 43-101 Mineral Resources at the
Please see the Company's website at www.nevadaking.ca.
Neither the
This news release contains certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable securities legislation. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or" should" occur or be achieved. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the closing of the Non-Brokered Private Placement, TSXV approval thereof, the use of proceeds with respect to the Non-Brokered Private Placement, and the benefits of the Non-Brokered Private Placement are forward-looking statements. 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. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by Nevada King, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability to obtain necessary approvals, the ability to complete proposed exploration work, the results of exploration, continued availability of capital, and changes in general economic, market and business conditions. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these items. Nevada King does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by applicable securities laws.
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