VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 21, 2015) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Nikos Explorations Ltd. (TSX VENTURE:NIK) ("Nikos" or the "Company") announced today its intention to complete a non-brokered private placement offering (the "Private Placement") of up to two million units ("Units") at a price of $0.10 per Unit, with each Unit consisting of one share of the Company ("Share") and one warrant ("Warrant") entitling the holder thereof to purchase one additional Share at a price of $0.15 for a period of 24 months.
Nikos President Roger Moss stated, "With Goldcorp's C$526 million offer for Probe Mines, announced recently, we expect much more attention to be focused on the Borden Lake area. Nikos intends to follow up on the results of 2014 field work carried out on the Company's Borden Lake Extension property, located immediately adjacent to the Probe Mines project, with the aim of generating drill targets to test for Borden Lake style mineralization."
The Private Placement is subject to regulatory approval, including approval of the TSX Venture Exchange. For further details, please contact the Company. All securities issued in connection with the Private Placement will be subject to a hold period of four months from the date of closing. The net proceeds from the Private Placement will be used to finance the Company's continuing Borden Lake area exploration program and for general working capital purposes.
The securities offered pursuant to the Private Placement have not been and will not be registered under the U.S. Securities Act of 1933, as amended, or applicable state securities laws, and may be not be offered or sold in the United States absent registration or an exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Borden Lake Extension:
The Borden Lake Extension Project lies approximately 5 kilometres southeast of Probe Mines' Borden Lake gold discovery where, as detailed in the 2014 Technical Report filed by Probe Mines, recent exploration has defined high grade gold resources with potential for underground extraction of 1.6 million ounces in the indicated category (9.3 M tonnes grading 5.39 g/t gold) and 0.4 million ounces of inferred resources (3 M tonnes grading 4.37 g/t gold) at a 2.5 g/t cut-off grade and pit constrained indicated resources of 2.32 million ounces of gold (70.3 M tonnes grading 1.03g/t gold) and inferred resources of 6,000 ounces of gold (0.2 M tonnes grading 0.8g/t gold) at a 0.5 g/t cut-off grade. Exploration carried out by Nikos is the first known work on the property, which is located in the Kapuskasing Structural Zone. Nikos holds an option to earn a 100% interest in the property. Note that mineralization on the Probe Mines property may not be representative of mineralization that may be found on the Nikos Property, nor is there any guarantee that economic mineralization will be identified on the Nikos Property.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. The company has 12,190,074 shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Roger Moss, PhD., P. Geo., is the qualified person who has prepared, supervised the preparation or approved the scientific and technical content in this news release.
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.