Business
Nevada Exploration Inc. ("NGE") closes Private Placement to accelerate drilling program and provides operational update
MONTREAL, Jan. 24 /CNW/ - Nevada Exploration Inc. (TSX-V: NGE) ("NGE") is pleased to announce tha...
About this update from Urz3 Energy Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, Jan. 24 /CNW/ - Nevada Exploration Inc. (TSX-V: NGE) ("NGE") is\npleased to announce that it has closed a non-brokered Private Placement\nconsisting of 1,020,000 units, valued at $1.00/unit, for total gross proceeds\nof $1,020,000. NGE is also pleased to report on its operational progress,\nwhich includes the addition of a second drill rig to its Fletcher Junction\nproperty and the addition of two new exploration properties.\n\n\nPrivate Placement\n\n\nNGE issued today 1,020,000 units, valued at $1.00/unit, for total gross\nproceeds of $1,020,000. 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.\n\n\nWade Hodges, President and Chief Executive Officer of NGE, said that "NGE\nmanagement is particularly pleased to complete a non-brokered private\nplacement with strategic investors who continue to support NGE's unique\nexploration model. These additional funds will allow us to ramp up our\nexploration plans based upon continued positive results, thereby adding\nincremental value with minimal dilution."\n\n\nSpecifically, NGE will use the proceeds to accelerate both drilling and\nproperty acquisitions over the next 12 to 18 months. NGE is well positioned to\ncontinue to explore for new gold discoveries for its shareholders.\n\n\nProperty Acquisitions\n\n\nNGE continues to apply its unique exploration approach, which emphasizes\na proprietary water chemistry methodology as one element of a highly efficient\nand effective exploration program designed to leverage always scarce\nexploration resources into high return gold discoveries.\n\n\nNGE has acquired two additional properties - both evidencing highly\nanomalous gold in groundwater, and has added additional claims to\ntwo previously acquired properties. NGE's total land position now consists of\napproximately 60 sq-mi on 11 separate properties. NGE plans to continue\nacquiring land covering additional targets as identified by highly anomalous\ngold in ground water.\n\n\nFletcher Junction Drilling\n\n\nAs previously announced, reverse circulation drilling operations started\nat Fletcher Junction on November 12, 2007. Fletcher Junction is the property\nof merit described in NGE filing statement dated February 16, 2007 pr...