NQ Exploration Inc.
TSX VENTURE : NQE

NQ Exploration Inc.

November 22, 2010 08:30 ET

NQ Exploration Closes Private Placements for $1,300,000

LAVAL, QUEBEC--(Marketwire - Nov. 22, 2010) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to announce that it has closed non-brokered private placements for a total of $1,300,000, as announced in its press releases dated October 18 and November 8, 2010. Details are as follows:

  • Private placement of flow-through share units
    Exploration NQ Inc. is pleased to announce that it has closed on the sale of 1,000 flow-through units at $1,000 per unit for gross proceeds of $1,000,000. Each unit consists of 6,666 flow-through shares priced at $0.12 per share, 2,000 common shares (which do not qualify as flow-through shares) priced at $0.10 per share, and 1,000 warrants. Each warrant entitles its holder to purchase one common share of the Company for $0.125 for a period of 24 months.
  • Private placement of common shares
    Exploration NQ Inc. is pleased to announce that it has closed on the sale of 3,000,000 common share units priced at $0.10 per unit for gross proceeds of $300,000. Each unit consists of one common share and one warrant entitling its holder to purchase one common share of the Company for $0.12 for a period of 24 months.

The Company is continuing to negotiate the sale of the remainder of its private placement of common shares. 

The Company has paid total intermediary fees of $97,500 in relation with these offerings along with 753,942 compensation options entitling their holders to purchase 753,942 common shares of the Company at a price of $0.125 per share and 50,000 compensation options entitling their holders to purchase 50,000 common shares of the Company at a price of $0.12 per share for a 24-month period following the closing of the private placement. One member of the pro group and one insider of the Company participated in the private placement.

All the securities issued pursuant to the private placements are subject to a mandatory hold period of four months following the closing date.

The Company will use the proceeds of the private placements for working capital purposes and for exploration expenditures on its current projects.

ABOUT NQ EXPLORATION INC.

NQ Exploration Inc. is a mining exploration company with a solid portfolio of 15 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 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

  • NQ Exploration Inc.
    David Grondin
    President and Chief Executive Officer
    514-206-7727
    www.explorationnq.com