NQ Exploration Inc.
TSX VENTURE : NQE

NQ Exploration Inc.

July 20, 2009 15:15 ET

NQ Exploration Completes Closing of Private Placements for $250,000

LAVAL, QUEBEC--(Marketwire - July 20, 2009) - NQ Exploration Inc. (TSX VENTURE:NQE) announces the closing of non-brokered private placements for a total of $250,000 The private placements are as follows:

- PRIVATE PLACEMENT OF FLOW-THROUGH SHARES

NQ is pleased to announce the closing of 1,000,000 flow-through common share at a price of $0.20 per share for total gross proceeds of $200,000 with the company Ressources CGE RX 2009.

- PRIVATE PLACEMENT OF FLOW-THROUGH UNITS

NQ is pleased to announce the first closing of 50 flow-through Units at a cost of $1,000 per Unit for total gross proceeds of $50,000. Each Unit consisting of 4,000 flow-through common shares of the Corporation at a price of $0,20 per share and 1,333 common share (which are not qualified as flow-through shares) the Corporation at a price of $0,15 per share.

The Corporation is continuing its negotiations in view to complete the balance of the private placement previously announced in the press release dated May 29, 2009.

In connection with the private placement of flow-through Units, a finder's fee commission of $4,000 will be paid out in cash to National Bank Financial. The flow-through common shares and the common shares are subject to a four-month hold period from closing.

The proceeds of these private placements will be used for general working capital and exploration expenses on its current projects.

ABOUT NQ EXPLORATION INC.

NQ Exploration Inc. is a new mining exploration company with a solid portfolio of 15 mining properties in the James Bay region of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold, base metal and uranium deposits.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements subject to risks and uncertainties. There is no assurance that such statements will prove to be accurate, and actual results and future events may differ considerably from those anticipated by such statements. Such risks and uncertainties are described in the quarterly management discussions and analyses and documents filed with regulatory authorities by NQ Exploration Inc. NQ Exploration Inc. does not undertake to publicly update or revise forward-looking statements on the basis of new information or future events or for any other reason.

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.

Contact Information

  • NQ Exploration Inc.
    David Grondin
    President and Chief Executive Officer
    514-206-7727
    www.explorationnq.com
    or
    Paradox Public Relations
    Investor Relations, Montreal
    514-341-0408 or 1-866-460-0408
    514-341-1527 (FAX)