Nevada Organic closes $1.01M final tranche of placement

Executive Summary

• Nevada Organic Phosphate Inc. closed the second and final tranche of its non‑brokered private placement, issuing 20,222,700 units at $0.05 per unit for gross proceeds of $1,011,135.
• Combined with the first tranche, total aggregate proceeds now equal $2,313,136, which will fund a Phase 1 drill program at the Murdock property and general working capital.
• The offering included finders’ units and warrants; fees of $89,750 were paid on this tranche, bringing total finders’ fees to $181,000.

Key Details

• Units Issued (Tranche 2): 20,222,700 units @ $0.05 per unit → $1,011,135 gross proceeds.
• Aggregate Proceeds: First tranche + second tranche = $2,313,136 total cash raised.
• Unit Composition: Each unit = 1 common share + ½ share purchase warrant (warrant allows purchase of one additional share at $0.10 for 60 months).
• Finders’ Units (Tranche 2): 1,795,000 units issued to finders; total finders’ units issued to date = 3.62 million.
• Finder Fees: $89,750 paid on this tranche; cumulative finder fees = $181,000.
• Warrant 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 hold period of four months and one day per NI 45‑102.
• Use of Proceeds: Phase 1 drilling at the Murdock property (expected start early October, completion by Oct 31) and general working capital.
• Regulatory Conditions: Offering remains subject to CSE approval and other regulatory approvals.

Notable Quotes

(No executive quotes were provided in the release.)