NIKOS Announces Appointment of New Director, Share Consolidation and Private Placement
December 23 2013 - 5:00PM
Marketwired
NIKOS Announces Appointment of New Director, Share Consolidation
and Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 23, 2013) -
Nikos Explorations Ltd. (TSX-VENTURE:NIK) ("Nikos" or the
"Company") announced today that Mr. James S. Borland has agreed to
join the Company's board of directors. Mr. Borland is currently a
director of Strait Minerals Inc. and Greencastle Resources Ltd. and
has also been a director of Minefinders Corp., Acadian Mining
Corp., Tempus Corp., Prelim Capital Inc. and Vistior Capital
Ltd.
The Company also announced that it will complete a consolidation
of its share capital on the basis of one (1) new common share for
up to every existing five (5) common shares (the "Consolidation").
Where the exchange results in a fractional share, the number of
common shares will be rounded up to the nearest whole common share.
The Board of Directors of Nikos has unanimously approved the
Consolidation and believes that the Consolidation should enhance
the marketability of the common share as an investment and should
facilitate additional financings to fund operations in the future.
Nikos will obtain a new CUSIP number for the Company's shares, to
distinguish between pre and post consolidated shares. The Company's
name and trading symbol will remain unchanged. Upon completion of
the Consolidation Nikos will have a total of 9,065,081 common
shares (all common shares of the Company after completion of the
Consolidation are hereinafter referred to as "Post Consolidation
Shares").
The Company further announces its intention to complete, after
completion of the Consolidation, a non-brokered private placement
offering (the "Private Placement") of up to 5 million units
("Units") at a price of $0.05 per Unit, with each Unit consisting
of one Post Consolidation Share and one warrant ("Warrant")
entitling the holder thereof to purchase one additional Post
Consolidation Share of the Company at a price of $0.10 for a period
of 24 months.
All transactions referred to in the release are 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 capital 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 immediately east of Probe
Mines' Borden Lake gold property where recent exploration has
defined pit constrained indicated resources of 3,686,000 ounces of
gold (112,844 M tonnes grading 1.02g/t gold) and inferred resources
of 625,000 ounces of gold (18,036 M tonnes grading 1.08g/t gold) at
a 0.5g/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 44,475,406 shares
issued and outstanding and trades on the TSX Venture Exchange under
the symbol NIK.
Roger Moss, PhD., P. Geo., is the qualified person for all
technical information in this 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.
Nikos Explorations Ltd.Roger
MossPresident416-516-6050www.nikosexplorations.com