VANCOUVER, Aug. 17 /CNW/ - Nikos Explorations Ltd. (NIK: TSX-V) is pleased to announce the closing of a private placement of 6,666,667 units at a price of $0.18 per unit for gross proceeds of $1.2 million. Each unit is comprised of one common share and one non-transferable common share purchase warrant. The common share purchase warrants are exercisable at $0.25 per share until 4:00 p.m. Vancouver time on August 16, 2008. All common shares and warrants have a hold period expiring on December 17, 2006. The gross proceeds will be used to pay certain accounts payable and for ongoing mineral project evaluation, deferred exploration expenses and working capital purposes. A total of 245,833 units were issued in payment of finders' fees to arm's length parties in connection with the financing. Nikos Explorations Ltd. is an exploration company focused on the acquisition, exploration and development of copper-gold projects. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.