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Vancouver, British Columbia--(Newsfile Corp. - November 6, 2020) - Nevado Resources Corporation (TSXV: VDO.H) ("Nevado" or the "Company") is pleased to announce that its previously announced non-brokered private placement (the "Private Placement"), has closed. Under the Private Placement, the Company issued 6,000,000 units (each a "Unit") at a price of $0.10 per Unit for gross proceeds of $600,000. Each Unit was comprised of one (1) common share in the capital of the Company (each a "Common Share") and one (1) transferrable Common Share purchase warrant (each a "Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of $0.20 per Common Share until November 6, 2021.
The Private Placement resulted in the creation of 1 new Insider of the Company (as defined by TSX Venture Exchange policies). The Insider subscribed for $150,000 or 1,500,000 Units.
All securities issued under the Private Placement, including securities issuable on exercise thereof, are subject to a hold period expiring March 7, 2021.
Proceeds from the Private Placement will be used to reduce corporate debt and leaves the Company with $500,000 in working capital, which will be utilized to finance Nevado's ongoing review of prospective projects in the resource sector, for general working capital as well as corporate purposes.
On behalf of the Board of Directors,
Nevado Resources Corporation
Mr. Tyson King, President and CEO
For further information, please contact the Company at:
Leah Hodges, Corporate Secretary
Tel.: (604) 377-0403
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.
Neither the Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this news release.
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