Nikos Explorations Ltd. Closes Private Placement Financing

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[{"type":"text","content":"Nikos Explorations Ltd. Closes Private Placement FinancingExercises Right of First Refusal on Labrador ProjectsVancouver, British Columbia--(Newsfile Corp. - November 23, 2017) - Nikos Explorations Ltd. (TSXV: NIK) (\"Nikos\" or the \"Company\") is pleased to announce that it has closed its previously announced non-brokered private placement offering (the \"Private Placement\") (Please refer to the Company's news release dated September 28, 2017). In addition, the Company announces that it has exercised its right of first refusal to option the Nain and Hopedale properties in Labrador from Shawn Ryan (see news release dated September 11, 2017).The Company raised $1,757,000 through the sale of 8,785,000 units comprised of one common share and one share purchase warrant of the company. A further $20,000 was raised through the sale of 80,000 flow through units (\"FT Unit\") comprised of one flow through common share (\"FT Share\") and one non-flow through share purchase warrant of the Company (\"Warrant\"). Finders Fees comprised of $39,120 in cash and 285,600 warrants were paid to arms length parties on a portion of the private placement in accordance with the policies of the TSXV.Insiders of the Company subscribed for more than $800,000 of the private placement.The net proceeds from the Private Placement will primarily be used to fund exploration on the Labrador properties under option and for general working capital purposes. All securities issued in connection with the Private Placement are subject to a hold period of four months plus one day from the date of closing. Option of Hopedale and Nain ProjectsThe Company exercised its right of first refusal on the Nain and Hopedale projects in central Labrador which, together with the Ashuanipi project already under option, brings the total land under option to 1,701 square kilometres. \"We are very pleased to have exercised the right of first refusal on the Labrador Projects,\" said Roger Moss, Chief Executive Officer of Nikos. \"This gives us exposure to three promising projects covering different environments of potential gold mineralization, any one of which could result in a discovery. We look forward to analyzing the data as it comes in and, based on results, planning our first full field season in Labrador.\"The Hopedale project covers much of the Hunt River and Florence Lake g...

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