GREENWOOD, BRITISH COLUMBIA / November 13, 2017 / JMN Wire / New Nadina Explorations Limited (TSX VENTURE: NNA) announce non-brokered private placements consisting of 150,000 Flow Through shares (no warrants) at a price of $3.80 per share and up to 400,000 Non-Flow Through units at a price of $3.75 per unit for gross proceeds of $2,070,000.
The Non-Flow Through units of the financing will comprise of one common share and one-half non-transferable warrant, where each full warrant shall entitle the holder to purchase one common share at the price of $4.25 per share exercisable for a period of two years. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of $6.00 per share for a period of ten (10) consecutive trading days. In such case of accelerated warrants, the issuer shall give notice by way of a news release and to the subscribers that the warrants will expire thirty (30) days from the date of providing such notice.
There is no material fact or material change of the Company that has not been generally disclosed. The securities issued pursuant to the Offering will be subject to statutory hold periods.
Up to 6% broker warrants and up to 6% commission finder's fee paid on Flow Through shares and up to 6% finder’s fees on Non-Flow Though share purchase to eligible finders in accordance to the TSX-V policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders' fees are both subject to approval by the TSX-V.
The Company intends to allocate 100% of the Flow-Through to drilling the Blue Zone deposit in early 2018 at its 100% owned Silver Queen property at Owen Lake south of Houston BC. The Non-Flow Through will be used for corporate development and/or exploration and may re-allocate the gross proceeds from time to time depending upon the Company’s growth strategy relative to market and other conditions in effect at that time.
Three holes have now been completed at the Silver Queen property with samples for analyzes being submitted within a week. It is anticipated results from 17S-01 (NR Oct 27, 2017) will be available mid December at which time basic information will be reported on holes two and three.
