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Nevada Exploration Inc. announces Private Placement, Exploration and Land Acquisition update and Changes to its Board of Directors
Nevada Exploration Inc. announces Private Placement, Exploration and Land Acquisition update and Changes to its Board of Directors.
About this update from Urz3 Energy Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, April 23 /CNW Telbec/ - Nevada Exploration Inc. (TSX-V: NGE)\n("NGE") is pleased to announce the closing of a non-brokered private placement\nof two million units at $0.60 per unit for gross proceeds of $1.2 million.\nEach unit consists of one common share and one-half of one common share\npurchase warrant. Each whole warrant is exercisable for two years into one\ncommon share at an exercise price of $0.75. A finder's fee of $90,000 was paid\nto an arm's length party in connection with the financing. All securities\nissued as part of the private placement are subject to hold periods under\nCanadian securities laws and the policies of the TSX Venture Exchange (the\n"Exchange") and are restricted from trading until August 20, 2007. Completion\nof the private placement remains subject to the final approval of the\nExchange.\n\n\nWade Hodges, the President of NGE, stated: "We are delighted that we have\nbeen able to obtain additional financing on favourable terms from strategic\ninvestors based in the United States. This brings the total funds raised to\ndate to $6.2 million and allows us to accelerate our land acquisition and\nexploration strategy in Nevada. We are also delighted that we have access to\nthe US financial markets at such an early stage in our development".\n\n\nExploration and Land Acquisition Update\n\n\n---------------------------------------\n\n\nNGE is pleased to report that five additional properties have been staked\non State land, all of which are now 100% owned by NGE and total an additional\n672 claims, or 21 square miles. In addition, two other properties are in the\nprocess of being staked for an additional 350 claims and an additional\n10 square miles. Also, negotiations are taking place regarding additional\ntargets. This is part of NGE's stated strategy of acquiring additional\nproperties with gold in water anomalies similar to known gold mines previously\nidentified using NGE's proprietary water sampling techniques. Additional water\nsampling is in progress on each property with initial results coming in ahead\nof schedule and confirming and further defining RC drilling targets.\n\n\nNotice level permitting for drilling has been initiated with the BLM on\nall properties with approval expected without any undue delay. Discussions\nwith drilling companies a...