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VANCOUVER, British Columbia, March 12, 2019 (GLOBE NEWSWIRE) -- Nevado Resources Corporation (“Nevado” or the “Company”) (NEX: VDO.H) as previously announced (see press release dated February 22, 2018), the Company has arranged a non-brokered private placement (the “Private Placement”) of up to 3,100,000 units (each a “Unit”) at $0.10 per Unit for gross proceeds of up to $310,000. The Company intends to use the net proceeds from the Private Placement to reduce corporate debt and to finance the Company's ongoing review of prospective projects.
Under the modified terms of the Private Placement, each Unit will consist of one (1) common share in the capital of the Company (each a "Common Share") and one (1) transferable Common Share purchase warrant (each, a “Warrant”). Each Warrant will entitle the holder to purchase one Common Share at price of $0.12 per Common Share until the date which is one (1) year from the date of issuance.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring four months and one day from the date of issuance.
The Private Placement is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange.
On behalf of the Board of Directors,
Nevado Resources Corporation
Mr. Tyson King, President and CEO
For further information, please contact the Company at:
Tel.: (604) 683-3396
Email: tking@nevadoresources.com
Reader Advisory
This news release may include forward-looking information that is subject to risks and uncertainties. All statements within, other than statements of historical fact, are to be considered forward-looking, including statements with respect to the closing of the Private Placement, use of proceeds from the Private Placement. Although the Company believes the expectations expressed in such forward-looking information are based on reasonable assumptions, such information is not a guarantee of future performance and actual results or developments may differ materially from those contained in forward-looking information. Factors that could cause actual results to differ materially from those in forward-looking information include, but are not limited to, fluctuations in market prices, successes of the operations of the Company, the Company’s ability to close the Private Placement, continued availability of capital and financing and general economic, market or business conditions. There can be no assurances that such information will prove accurate and, therefore, readers are advised to rely on their own evaluation of such uncertainties. The Company does not assume any obligation to update any forward-looking information except as required under the applicable securities laws.
Neither the NEX nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.