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Nevada Exploration Inc. ("NGE") announces full exercise of Series' A Warrants, second tranche of Private Placement and granting of options
MONTREAL, March 4 /CNW Telbec/ - Nevada Exploration Inc. (TSX-V: NGE) ("NGE") is pleased to annou...
About this update from Urz3 Energy Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, March 4 /CNW Telbec/ - Nevada Exploration Inc. (TSX-V: NGE)\n("NGE") is pleased to announce that 100% of its outstanding Series' A Warrants\nhave been exercised for total gross proceeds of $1,649,123, that NGE is\ncompleting a non-brokered Private Placement for gross proceeds ranging from\n$500,000 to $1,500,000 and that it has granted to some of its employees,\ndirectors and officers stock options to subscribe for up to 1,725,000 common\nshares of its capital stock at an exercise price of $1.00 per common share.\n\n\nFull Series' A Warrants Exercise\n\n\nWade Hodges, President and Chief Executive Officer of NGE, stated that\n"NGE management is again highly pleased of the support NGE received from its\nearly stage investors expressed by the exercise of 100% of outstanding NGE\nSeries' A warrants." Further to the exercise of the 3,664,718 outstanding\nSeries A warrants at a price of $0.45 per warrant for gross proceeds of\n$1,649,123, NGE has issued 3,664,718 common shares of its capital stock and\nhas now approximately 57,843,617 common shares issued and outstanding. The\ncash position of NGE has increased by $1,299,937 from the Series' A warrants\nexercise since the release of its last interim financial statements as at\nOctober 31, 2007 and NGE has currently approximately $3,750,000 in cash before\ntaking into account the proceeds of the private placement described herein.\n\n\nPrivate Placement\n\n\nNGE is in the process of closing a non-brokered private placement\ncomprised of issuance of a minimum of 500,000 units and a maximum of\n1,500,000 units, valued at $1.00/unit, for total gross proceeds ranging from\n$500,000 to $1,500,000. Each unit consists of 1 common share of NGE plus\n1/2 warrant to purchase a common share of NGE at an exercise price of $1.50\nper common share of NGE for a period of 24 months. Closing is expected to take\nplace by no later than March 15, 2008 and has received the conditional\napproval for the TSX Venture Exchange. The Units and their underlying\nsecurities will be subject to a four (4) month hold period.\n\n\nGrant of options and changes to some vesting provisions\n\n\nNGE also granted a total of 1,725,000 options under NGE 2007 Stock Option\nPlan, namely 200,000 options to each of its directors, 200,000 to its\nsecretary, 150,000 to its Chief Financial Off...