Nevada Organic closes $1.3M first tranche of financing

Executive Summary

• Nevada Organic Phosphate Inc. closed the first tranche of its non‑brokered private placement, raising $1,302,000 from the issuance of 26.04 million units at $0.05 per unit.
• Proceeds are earmarked for a Phase 1 drill program at the Murdock property (to start early October and finish by Oct 31) and general working capital.
• The offering included finder’s units and warrants, with acceleration and hold‑period provisions detailed in the release.

Key Details

• Units sold: 26.04 million units ($0.05 each) = $1,302,000 gross proceeds.
• Unit composition: 1 common share + ½ share purchase warrant (exercise price $0.10 per share).
• Finder’s units: 1,825,000 finder’s units issued; each consists of 1 share + ½ finder’s warrant (same exercise terms).
• Fees paid: $91,250 in placement fees.
• Use of proceeds: Phase 1 drilling at Murdock property and general working capital.
• Drilling schedule: Anticipated start early October; completion by October 31.
• Warrant terms: Warrants exercisable for 60 months from issuance at $0.10 per share.
• Acceleration clause: If CSE VWAP ≥ $0.25 for 10 consecutive trading days, company may accelerate warrant expiry to 30 days after notice.
• Statutory hold period: All securities subject to a four‑month‑plus‑one‑day resale restriction under NI 45‑102.
• Regulatory approvals: Offering remains pending CSE and other regulatory approvals.

Notable Quotes

(No executive quotes were provided in the release.)