NQ Exploration Inc.
TSX VENTURE : NQE

NQ Exploration Inc.

November 08, 2010 13:21 ET

NQ Exploration Prepares a Non-Brokered Private Placement and Announces the Departure of Andre Audet

LAVAL, QUEBEC--(Marketwire - Nov. 8, 2010) - NQ Exploration Inc. ("NQ") (TSX VENTURE:NQE) is pleased to announce that it is negotiating a non-brokered private placement for an additional $500,000 on the following terms:

  • Private placement of share units

The Company intends to enter into a private placement of 5,000,000 common shares at $0.10 per share for gross proceeds of $500,000 in the near future. Each share will be accompanied by a warrant, with each warrant entitling its holder to purchase one common share of the Company at $0.12 for a period of 24 months, such shares being subject to a four-month hold period. The Company expects this financing and the previously-announced financing to close on or about November 17, 2010.

The Company also regrets to announce the departure of André Audet, a director and the chairman of its board of directors since December 6, 2007. Mr. Grondin thanks Mr. Audet for his work, and wishes him every success in his future endeavours. 

The Company has granted 950,000 stock options to directors and officers and 575,000 stock options to consultants and employees of the Company. Each stock option entitles its holder to purchase one share of the Company for $0.12, and is valid for a five-year period.

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, base metal and uranium 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.

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