Nevada Exploration Closes Financing

VANCOUVER, British Columbia, Feb. 27, 2020 (GLOBE NEWSWIRE) -- Nevada Exploration Inc. (“NGE” or the “Company”) (TSX-V: NGE; OTCQB: NVDEF) is pleased to announce that it has closed a non-brokered private placement offering (the “Offering”), pursuant to which it has raised gross proceeds of $1.085M CAD through the issuance of 4,931,819 units (the “Units”) at a price of $0.22 CAD per Unit.

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 $0.40 per Common Share for 24 months.  If the closing price of the common shares of NGE quoted on the TSX Venture Exchange is greater than $0.70 for 10 consecutive trading days, NGE may accelerate the expiry date of the Warrants to the 30th 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 Carlin-type gold project and for general working capital.  All securities issued are subject to a four month plus one day hold period expiring June 27, 2020.  In connection with the Offering, the Company paid finders’ fees totalling 54,250 Units, $17,934 in cash, and 40,758 broker warrants with the same terms as the Warrants.

PDAC

NGE management will be attending the upcoming Prospectors & Developers Association of Canada (PDAC) Convention being held from Sunday to Wednesday, March 1 to 4, 2020, at the Metro Toronto Convention Centre, Toronto, Canada, and looks forward to meeting with its stakeholders at the NGE booth #2527 (https://www.pdac.ca/convention/maps?l=2527).

About Nevada Exploration Inc.

With mature, exposed, search spaces seeing falling discovery rates, NGE believes the future of exploration is under cover.

The Company has spent 15 years developing and integrating new hydrogeochemistry (groundwater chemistry) and low-cost drilling technology to build an industry-leading, geochemistry-focused, under-cover toolkit specifically to explore for large new Carlin-type gold deposits (“CTGDs”) in the more than 50% of Nevada where the bedrock is hidden beneath post-mineral cover.  Nevada’s exposed terrains have produced more than 200 Moz of gold, and experts agree there is likely another +200 Moz waiting to be discovered under cover in Nevada.