ENP Newswire -
Release date- 16072014 -
Each Unit will consist of one common share and one non-transferable common share purchase warrant entitling the holder to purchase one common share at an exercise price of
Corporate Update and Use of Proceeds
In the last 165 years, explorers have identified and evaluated nearly 100,000 prospects within Nevada's 300,000 km2. Of these prospects, approximately 665 have become producing gold mines, representing the highest concentration of gold deposits per unit area of any jurisdiction in the world.
In the last few years, new research aimed at understanding Nevada's unique gold endowment has identified the large-scale geologic processes and events responsible for the genesis and spatial distribution of Nevada's gold deposits. Rather than the simplistic concept of linear trends (e.g. the
Of this area, only 40% has been effectively explored because the remaining 60% is covered beneath sand and gravel in the valley basins where conventional exploration methods are challenged. NGE's management believes that the covered 60% of this area contains as much gold as has already been found in the exposed 40%, and that searching in these covered areas represents the best opportunity to find large new gold deposits anywhere in the world.
Recognizing this incredible opportunity to find new large gold deposits, NGE has spent the last 10 years developing and applying new hydrogeochemistry (groundwater chemistry) exploration technology to complete the first systematic search for gold in
Illustrative of how the industry is shifting its exploration strategies to incorporate these new ideas, NGE has learned that
To sustain this lead, and to provide shareholders with the opportunity to benefit from NGE's considerable work and investment to date, NGE is completing this Offering to raise the capital needed to maintain the Company's property portfolio, and to allow NGE's Management to engage with industry participants in order to attract additional exploration partners and resources. Of the proposed total gross proceeds of
Discussing the Offering and NGE's strategic vision,
In the last year NGE has completed additional groundwater sampling and acquired new property positions in the areas covering the high priority targets. With major industry players such as Barrick now beginning to adopt these same strategies, we believe that NGE is positioned to be a leader and that the time has come for us to raise our profile within the industry.
With this financing we will secure our properties for another year and have time to engage in discussions with interested exploration partners, all with the goal of leveraging our existing properties, the targets we have identified but not yet acquired, our large state-wide database, and our proprietary technology to create opportunities for our shareholders to participate in a large gold discovery in
Additional Information about the Offering
The Offering will be conducted in reliance upon British Columbia Instrument 45-534 (the 'Instrument'), which permits an issuer to distribute securities to its existing shareholders, subject to the terms and conditions of the Instrument. Under the Instrument, NGE may accept qualifying subscriptions of up to
NGE advises shareholders interested in participating in the Offering to contact the Company as soon as possible.
For the purpose of determining existing NGE shareholders entitled to purchase Units under the exemption provided by the Instrument, the Company has set
The exemption provided by the Instrument is not available to shareholders resident in
The maximum number of Units to be issued under the Offering is 12,000,000, for maximum gross proceeds of
The Offering is scheduled to close on or about
Subject to approval by the
If on any 20 consecutive trading days after the issuance of the Units the closing sales price (or closing bid price on days when there are no trades) of the common shares of NGE quoted on the
The securities issued by NGE have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the '1933 Act'), or the securities laws of any state of
Shares for Debt
Recognizing the need to preserve the Company's cash and reduce its liabilities, NGE today also announces that subject to both shareholder and
Unlike the Units being issued as part of the Offering described above, the shares issued under the shares for debt agreements do not include warrants. NGE will seek shareholder approval for these shares for debt agreements at the Company's next Annual General Meeting.
NGE is an exploration company focused on gold in
NGE is aggressively applying the latest in covered deposit exploration technology to identify, acquire, and advance new exploration properties in
Using its industry-leading exploration technology, NGE has assembled a portfolio of new gold projects, and with interests in more than 135 square kilometres (52 sq mi), has established itself a major player in this world class jurisdiction. NGE's business model is to leverage its properties and technology to create shareholder value through generative exploration, joint ventures, and other exploration partnerships.
CEO & Chairman
Tel: +1 (888) 263 2110
Cautionary Statement on Forward-Looking Information
This release and referenced presentation contains certain 'forward-looking statements' including, without limitation, expectations, beliefs, plans and objectives regarding the potential transactions and ventures discussed in this release.
Among the important factors that could cause actual results to differ materially from those indicated by such forward-looking statements are the risks inherent in mineral exploration, the need to obtain additional financing, environmental permits, the availability of needed personnel and equipment for exploration and development, fluctuations in the price of minerals, and general economic conditions.
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