Nevado Completes $3,740,190 Oversubscribed Financing Lead by Aberdeen Gould Capital Markets Ltd.
December 17 2010 - 7:00AM
Marketwired
NEVADO RESOURCES CORPORATION (TSX VENTURE: VDO)(FRANKFURT: NSV)
(the "Company" or "NEVADO") is pleased to announce that it has
completed its previously-announced private placement, with an
oversubscribed offering totaling an aggregate gross proceeds of
$3,740,190 in Non Flow-Through, Flow-Through and Super Flow-Through
Units sold.
The units sold are represented by 5,946,832 Non Flow-Through,
4,630,327 Flow-Through and 958,642 in Super Flow-Through units.
Non Flow-Through Units, at a subscription price of $0.30 per
unit, will consist of one (1) class "A" share of the capital stock
of the Corporation (the "Common Share") and one (1) common share
purchase warrant ("NFT Warrant") (collectively, the Common Shares
and NFT Warrants are known as the "Non Flow-Through Units"). Each
NFT Warrant will enable the holder thereof to subscribe for one (1)
Non-flow-through Common Share at $0.45 any time until the date that
is twenty four (24) months from the Closing Date (the "Expiry
Date"). Any NFT Warrants not exercised prior to 5:00 p.m. (Eastern
Standard Time) on the Expiry Date will be cancelled and be of no
force or effect.
Flow-Through Units, at a subscription price of $0.35, will
consist of one (1) Common Share on a Flow-Through basis and
one-half (1/2) of a common share purchase warrant ("FT Warrant")
(collectively, the Common Shares and FT Warrants are known as the
"Flow-Through Units"). Each whole FT Warrant will enable the holder
thereof to subscribe for one (1) Non-flow-through Common Share at
$0.50 any time until the date that is twenty four (24) months from
the Closing Date (the "Expiry Date"). Any FT Warrants not exercised
prior to 5:00 p.m. (Eastern Standard Time) on the Expiry Date will
be cancelled and be of no force or effect.
Super Flow-Through Units, at a subscription price of $0.35 per
unit, will consist of one (1) Common Share, on which 0.8
Flow-Through share and 0.2 Non Flow-Through share, and one-half
(1/2) of a common share purchase warrant ("SFT Warrant")
(collectively, the Common Shares and SFT Warrants are known as the
"Super Flow-Through Units"). Each whole SFT Warrant will enable the
holder thereof to subscribe for one (1) Non-flow-through Common
Share at $0.50 any time until the date that is twenty four (24)
months from the Closing Date (the "Expiry Date"). Any SFT Warrants
not exercised prior to 5:00 p.m. (Eastern Standard Time) on the
Expiry Date will be cancelled and be of no force or effect.
The new maximum allocation dollar amounts for the offering are
the following: $2,000,000 in Non Flow-Through Units, $1,700,000 in
Flow-Through Units and $600,000 Super Flow-Through Units.
Nevado plans to use the net proceeds from the private placement
to quickly advance higher grade iron property to the drilling stage
for near term potential compliant Mineral Resources 43-101
delineation and for working capital and general purpose.
The Company shall pay on the closing date, principally to
Aberdeen Gould Capital Markets Ltd., an arm's length party, a cash
fee equal to 8% of the gross proceeds raised pursuant to the
Offering in respect of Units issued and sold. The Company shall
also issue, principally to Aberdeen Gould Capital Markets Ltd., on
the closing date finder warrant units (the "Compensation Units")
equal to 8% of number of Units issued and sold, at the same
purchase price and terms of the Units.
About Aberdeen Gould Capital Markets Ltd.
Aberdeen Gould Capital Markets Ltd., is an independent financial
investment firm that offers Investment Banking, Corporate Advisory
and Equity Capital Markets services to small and mid-market
companies. They focus on private and public companies in the
Manufacturing, Resource, and Technology sectors. The firm is
registered in the Canadian Provinces of Alberta, British Columbia,
Ontario, Saskatchewan and Quebec as an Exempt Market Dealer. Their
web page is www.aberdeengould.com.
About Nevado Resources Corporation
Nevado Resources Corporation is a mineral exploration company
listed under the symbol VDO on the TSX Venture Exchange and under
the symbol NSV on the Frankfurt Exchange. Nevado owns 6 properties
comprising 1,390 mining claims totalling 757 km2 in the Province of
Quebec in two separate metallogenic environments, one in high grade
iron-titanium-vanadium and one in gold.
NEVADO's higher grade Iron-Titanium-Vanadium
(magnetite-ilmenite) property comprises 2 claim blocks totalling
773 claims for 315 km2 situated in the La Blache Anorthositic
Complex, located 145 km north of the city of Baie-Comeau and its
port on the St. Lawrence Seaway. In 2011, NEVADO plans to quickly
advance the property to the drilling stage for NI 43-101 compliant
mineral resource delineation.
NEVADO's gold assets comprise 5 properties totalling 442 km2
located 10 km south and southeast of Thetford Mines (Eastern
Townships, Quebec), approximately 150 km east of Montreal.
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.
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.
Contacts: Nevado Resources Corporation Mr. Guy Girard President
and CEO (514) 798-1290 www.nevado.ca
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