VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb. 6, 2014) - Noka Resources Inc. (TSX VENTURE:NX)(FRANKFURT:2NK) (the "Company" or "Noka") announces that, further to the Company's news release of January 14, 2014 announcing its non-brokered private placement (the "Private Placement") of up to 5,000,000 units (the "Units") at a price of $0.10 per Unit for gross proceeds of up to $500,000, Noka announces that the Private Placement has been heavily oversubscribed and accordingly the Company has determined to increase the size of the Private Placement to 11,000,000 Units.
Due to the substantial size of the oversubscription, the Company will file for final TSX Venture Exchange ("Exchange") acceptance with respect to gross proceeds of $597,500 as a first tranche closing, and will proceed, subject to Exchange approval, with a second tranche closing for a balance of up to total gross proceeds of $1,100,000.
Each Unit consists of one common share and one transferable share purchase warrant, with each warrant exercisable into one common share at a price of $0.20 per share for a period of two years. The Company will close the first tranche of the Private Placement immediately upon receiving final Exchange acceptance thereof.
In respect to the first tranche closing, the Company will pay a finder's fee of an aggregate $36,850 and 343,500 Finder's Warrants (the "Finder's Warrants") to registered dealers and arms-length parties. Each Finder's Warrant is exercisable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of $0.20 per share.
All securities issued under the Private Placement are subject to resale restrictions under applicable securities legislation.
About Noka Resources Inc.:
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin, Northern Saskatchewan. Noka's exploration strategy is focused in relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
With a total land position of 488,463 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater (which includes the Carpenter Lake) and Athabasca North group of properties, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
For further information please visit www.nokaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Nav Dhaliwal, President and CEO
Neither 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 release includes certain statements that may be deemed to be "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.