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Nevada Exploration Inc. ("NGE") closes second tranche of private placement
MONTREAL, March 11 /CNW Telbec/ - Further to its press release dated March 4, 2008, announcing th...
About this update from Urz3 Energy Corp.
[{"type":"text","content":"\n\n\n\nMONTREAL, March 11 /CNW Telbec/ - Further to its press release dated\nMarch 4, 2008, announcing the full exercise of its Series' A warrants, Nevada\nExploration Inc. (TSX-V: NGE) ("NGE") is now pleased to announce that it has\nclosed on the second tranche of its previously announced non-brokered Private\nPlacement for total gross proceeds of $790,000.\n\n\nPrivate Placement\n\n\nNGE today issued 790,000 units, valued at $1.00/unit, for total gross\nproceeds of $790,000. Each unit consists of one common share of NGE plus one\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\n"with the closing of this second tranche of the private placement and with the\nfull exercise of its Series' A warrants, NGE has a current cash position of\nover $4,000,000. NGE now has the funds to complete at least 12 months of\ncontinuous drilling using 2 full-time drilling crews, and is well positioned\nto advance its exploration portfolio and create significant shareholder value\nwithout the need to return to the financial markets for additional financing".\n\n\nAbout NGE\n\n\nNGE is an exploration company focused on gold exploration in Nevada,\nthrough its wholly-owned, Nevada incorporated subsidiary, Pediment Gold LLC.\nNGE is led by a highly experienced and historically successful exploration\nmanagement team. NGE has developed a proprietary groundwater chemistry\nexploration technology, and is the first to complete a comprehensive survey of\nNevada's groundwater chemistry specifically directed towards discovering new\ngold deposits. Management believes the results of NGE's groundwater chemistry\nprogram are significant in that they demonstrate that Nevada's known gold\ndeposits exhibit recognizable groundwater chemistry signatures; and using this\ntechnology, NGE has identified and acquired several exploration properties\nwith groundwater chemistry similar to that of known gold deposits. NGE is in\nthe final stages of testing whether such water chemistry signatures can be\nfollowed "up stream" to discover new gold deposits in much less time and for\nmuch less money than the conventional exploration approaches currently being\nused by other exploration groups. NGE...