ENP Newswire - 17 February 2014
Release date- 14022014 - Vancouver - Nikos Explorations Ltd. (TSX-V: NIK) is pleased to announce that it has received TSXV approval of and completed the non-brokered private placement announced in its press release of December 23, 2013.
The Company raised gross proceeds of $80,000 from the sale of 1,600,000 units at a price of $0.05 per Unit, with each Unit consisting of one common share ('Share') and one warrant entitling the holder thereof to purchase one additional Share of the Company at a price of $0.10 for the period to February 12, 2016.
The net proceeds from the Private Placement will be used for continuing exploration on and in connection with the acquisition of the Borden Lake Extension Project, and for working capital. The securities being issued pursuant to the Private Placement will be subject to a four month hold period to June 13, 2014 in accordance with applicable Canadian securities law.
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.
Nikos Explorations Ltd.