BY DEC 15 NNA WILL REPORT DRILL HOLE
BY DEC 15 NNA WILL REPORT DRILL HOLE 17s-01 17s-02 & 17s-03
a wait & see ...
New Nadina closes $693,750 first tranche of financing
2017-12-04 15:09 ET - News Release
Ms. Ellen Clements reports
TRANCHE ONE - $693,750 DRILL FUNDS RAISED
New Nadina Explorations Ltd. has received $693,750 from tranche No. 1 of the non-brokered private placement first announced on Nov. 13, 2017. All securities issued are subject to a hold period of four months and one day and become free trading on April 2, 2018. The offering and any payment of finders' fees are both subject to TSX Venture Exchange approval, with details as follows.
The flow-through units issued comprised 150,000 shares at $3.80 for proceeds of $570,000. Pertaining to flow-through shares only, there were 9,001 (6 per cent) broker warrants issued (exercisable for two years at $3.80) and a 6-per-cent finder's fee of $34,200 paid in cash.
The non-flow-through units issued comprised 33,000 shares at $3.75 and one-half warrants to purchase 16,500 common shares at $4.25 per share exercisable for a period of two years. The exercise of the warrants may be accelerated in the event the shares trade at or above a price of $6 for a period of 10 consecutive trading days. In such case, the issuer shall give notice by way of a news release and to the subscribers that the warrants will expire 30 days from the date of providing such notice. Proceeds of $123,750 have been received and no finder's fees was paid.
All proceeds will be spent on exploration and drilling at the company's 100-per-cent-owned Silver Queen property at Owen Lake south of Houston, B.C. Subject to ground moisture, approximately 6,000 metres of drilling will commence in early April, 2018, to test and further define the high-conductive Blue zone anomaly intersected in 2017 drilling.
The company confirms that reporting of drill hole 17S-01 assay results is expected by Dec. 15, 2017. In that report, visuals and information on drill holes 17S-02 and 17S-03 will also be reported. Subsequent to this, additional core photos will be published on the company website.
The balance of the private placement (news release dated Nov. 13, 2017) will be closed prior to the release of assay results, and, if any, the remaining unsubscribed portion will be cancelled. At that time, the company will provide an update of the proceeds from exercised options and warrants to date.
We seek Safe Harbor.