Nevada Exploration Closes Oversubscribed Financing

VANCOUVER, British Columbia, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to announce that it has closed its previously announced non-brokered private placement offering (the “Offering”), pursuant to which it has issued 5,625,000 units (the “Units”) at a price of $0.20 CAD per Unit, for gross proceeds of $1,125,000 CAD.

Commenting on the financing, NGE’s President, James Buskard: “As we shared in our South Grass Valley Project update news release last month, based on continued positive results, we’ve planned an ambitious follow-up drilling program for 2020.  With this financing now complete, we’re in discussions with contractors, and subject to availability, our goal is to restart drilling next month.  Our team is excited to get back out drilling, and we sincerely thank our stakeholders for their continued strong support.”

Each Unit consists of one common share in the capital of the Company (a “Common Share”) and one-half of one Common Share purchase warrant (a “Warrant”), with each whole Warrant entitling the holder to acquire an additional Common Share at an exercise price of $0.50 per Common Share for 30 months.  If the closing price of the common shares of NGE quoted on the TSX Venture Exchange is greater than $0.90 for 10 consecutive trading days, NGE may accelerate the expiry date of the Warrants to the 30^th day after the date on which NGE gives notice to the Warrant holders of such acceleration.

Proceeds from the Offering will be used for continued work at the Company’s South Grass Valley Project and for general working capital.  All securities issued are subject to a four month plus one day hold period expiring April 6, 2020.  In connection with the Offering, the Company paid finders’ fees totalling 216,650 Units.

Upcoming Events

NGE is pleased to welcome its stakeholders to visit with its team at the following upcoming events:

AMERICAN EXPLORATION & MINING ASSOCIATION (Reno)
Booth: Core Shack
Tuesday to Friday, December 3 to 6, 2019
https://www.miningamerica.org/2019-annual-meeting/

VANCOUVER RESOURCES INVESTMENT CONFERENCE (Vancouver)
Booth: 813
Sunday and Monday, January 19 to 20, 2020
https://cambridgehouse.com/vancouver-resource-investment-conference

AME ROUNDUP (Vancouver)
Presenting in “Seeing the Unseeable – 2020 Theme Session”, Tuesday January 21, 2020
Monday to Thursday, January 20 to 23, 2020
https://roundup.amebc.ca/