MONTREAL, Nov. 28, 2014 /CNW Telbec/ - NEVADO RESOURCES CORPORATION (TSXV: VDO) (FSE: NSV) ("NEVADO" or the "Corporation") is pleased to announce the closing of a non-brokered private placement of $50,000 with several investors.
The private placement consisted in the issuance of units, at a price of $0.05 each, consisting of one common share and half a warrant, which resulted in the issuance of 1,000,000 common shares priced at $0.05 per share and 500,000 warrants. Each warrant entitles its holder to purchase one common share of the Company at $0.10 for a period of 12 months after closing. If Nevado's shares trade at $0.25 or higher for 20 consecutive trading days, warrantholders will have to exercise their warrants or they will be cancelled.
Nevado will use the proceeds from the private placement for working capital purposes. The shares issued under the private placement are subject to a mandatory resale restriction period of four months and one day.
Nevado shall pay to finders, which are arm's length parties, a cash fee equivalent to 8% of the gross proceeds raised through them.
The private placement is subject to regulatory approval.
About Nevado Resources Corporation
NEVADO is a strategic metals exploration and development company with properties in Canada. The Company is currently focused on advancing its world-class La Blache titanium-vanadium-iron project. It also owns the Fermont project, a graphite property adjacent to Focus Graphite's Lac Knife deposit, and the Bozema and Steel River zinc-copper-silver-gold properties in Ontario's Schreiber-Hemlo camp.
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 news release. The statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these "forward-looking" statements.
SOURCE: Nevado Resources Corporation
For further information: Michael Curtis, President and Chief Executive Officer, (514) 303-7895, www.nevadoresources.com; Francois Kalos, SOLAK Communications, (514) 817-9987, [email protected]; Louis Morin, The Ask Marketing Services Inc., (514) 845-1101; Twitter: @nevado_vdo