TORONTO, July 19, 2017 /CNW/ - Nubian Resources Ltd. (the "Company") (TSX VENTURE: NBR) is pleased to announce that the Company has closed its previously announced private placement oversubscribed raising $415,000 through the issuance of 2,075,000 units, each unit comprising one common share and one-half of a transferable share purchase warrant (a "Warrant") with each whole Warrant exercisable until July 18, 2019 at $0.30 (the "Private Placement"). In accordance with regulatory requirements, all securities issued under the Private Placement are subject to a four month and one day "hold period". The Private Placement is subject to final approval by the TSX Venture Exchange.
The proceeds of the private placement will be used to enhance and evaluate new opportunities to complement the Company's existing portfolio of Nevada-based mining exploration projects as well as for general corporate purposes.
In other news, the Company announces the resignation of Dr. Christopher Wheatley as director. Dr. Wheatley has been a director of the Company since 2011. He will continue to support Nubian with his technical expertise as a member of the Company's technical committee.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release includes forward looking statements that are subject to assumptions, risks and uncertainties. Statements in this news release which are not purely historical are forward looking statements, including without limitation any statements concerning the Company's intentions, plans, estimates, beliefs or expectations regarding the future. Although the Company believes that any such intentions, plans, estimates, beliefs and expectations in this news release are reasonable, there can be no assurance that any such intentions, plans, beliefs and expectations will prove to be accurate. The Company cautions readers that all forward looking statements, including without limitation those relating to the Company's future operations and business prospects, are based on assumptions none of which can be assured, and are subject to certain risks and uncertainties that could cause actual events or results to differ materially from those indicated in the forward looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward looking statements. Any forward looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward looking statements, or to update the reasons why actual events or results could or do differ from those projected in the forward looking statements. The Company assumes no obligations to update any forward looking statements, whether as a result of new information, future events or otherwise.
SOURCE Nubian Resources Ltd.
For further information: Martin Walter, Chief Executive Officer at 416 389 5692 or firstname.lastname@example.org