MONTREAL, Nov. 28, 2014
/CNW Telbec/ - NEVADO RESOURCES CORPORATION (TSXV: VDO) (FSE:
NSV) ("NEVADO" or the "Corporation") is pleased to announce the
closing of a non-brokered private placement of $50,000 with several investors.
The private placement consisted in the issuance of units, at a
price of $0.05 each, consisting of
one common share and half a warrant, which resulted in the issuance
of 1,000,000 common shares priced at $0.05 per share and 500,000 warrants. Each
warrant entitles its holder to purchase one common share of the
Company at $0.10 for a period of 12
months after closing. If Nevado's shares trade at $0.25 or higher for 20 consecutive trading days,
warrantholders will have to exercise their warrants or they will be
cancelled.
Nevado will use the proceeds from the private placement for
working capital purposes. The shares issued under the private
placement are subject to a mandatory resale restriction period of
four months and one day.
Nevado shall pay to finders, which are arm's length parties, a
cash fee equivalent to 8% of the gross proceeds raised through
them.
The private placement is subject to regulatory approval.
About Nevado Resources Corporation
NEVADO is a strategic metals exploration and development company
with properties in Canada. The
Company is currently focused on advancing its world-class La Blache
titanium-vanadium-iron project. It also owns the Fermont project, a graphite property adjacent
to Focus Graphite's Lac Knife deposit, and the Bozema and Steel
River zinc-copper-silver-gold properties in Ontario's Schreiber-Hemlo camp.
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 news release. The statements made in this news
release that are not historical facts are "forward-looking
statements" and readers are cautioned that any such statements are
not guarantees of future performance, and that actual developments
or results, may vary materially from those in these
"forward-looking" statements.
SOURCE Nevado Resources Corporation