NQ Exploration Inc.
TSX VENTURE : NQE

NQ Exploration Inc.

December 06, 2011 12:55 ET

NQ Exploration Announces a $1,080,000 Private Placement

LAVAL, QUEBEC--(Marketwire - Dec. 6, 2011) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to announce that it has engaged Industrial Alliance Securities Inc. (the ''Agent") for a best efforts private placement of up to $560,000 in flow-through units (the ''Flow-Through Units") at a price of $1,120 per Flow-Through Unit, and up to $520,000 in units (the ''Units") at price of $0.065 per Unit, for an aggregate gross proceeds to NQ of $1.08 million (the ''Offering").

Each Flow-Through Unit will be comprised of 10,500 flow-through common shares (the ''Flow-Through Common Shares") at a price of $0.085 per Flow-Through Common Share, 3,500 common shares (the ''Common Shares") at a price of $0.065 per Common Share and 3,500 warrants (the ''FT Warrants"). Each FT Warrant will entitle the holder thereof to purchase one additional Common Share of NQ at a price of $0.12 for a period of 12 months following the closing date.

Each Unit will be comprised of one (1) common share at a price of $0.065 and one-half (1/2) of one common share purchase warrant (the ''Warrants"). Each full Warrant will entitle the holder thereof to purchase one additional Common Share of NQ at a price of $0.12 for a period of 24 months following the closing date.

NQ has also granted the Agent an option, exercisable for a period of 30 days following the closing of the private placement, to purchase, at the issue price, up to 15% in the aggregate of the number of Flow-Through Units and Units to be sold in the private placement to cover over allotments, if any.

NQ will use the proceeds from the placement of Flow-Through Units to incur Canadian Exploration Expenses on its mining properties. NQ will use the net proceeds from the placement of the Units for working capital and for general corporate purposes.

At the closing of the Offering, the Agent will receive a cash commission equal to 9.0% of the gross proceeds raised under the Offering. In addition, the Agent shall receive non-transferable warrants at a price of $0.065 exercisable for a period of two (2) years from the date of closing to acquire such number of common shares of the Company as is equal to 5% of the aggregate number of Flow-Through Shares and Units issued under the Offering.

The Offering is scheduled to close on or about December 20, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. All securities issued pursuant to the Offering will be subject to a four month and one day hold period from the date of closing of the Offering.

This press release is not an offer or a solicitation of an offer of securities for sale in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration.

The common shares of NQ Exploration Inc. are listed on the TSX Venture

Exchange under the symbol "NQE".

ABOUT NQ EXPLORATION INC.

NQ Exploration Inc. is a mining exploration company with a solid portfolio of 11 mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold, silver and base metal deposits.

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.

Contact Information