New Nadina CLOSES $1,550,000 FUNDING
November 14, 2012: GREENWOOD, BRITISH COLUMBIA – New Nadina Explorations Limited (TSX VENTURE: NNA) has closed the non brokered Flow Through private placement financing (ref NR October 11, 2012) of 15,500,000 million shares for proceeds of $1,550,000.
The issue of 10,000,000 non Flow-through units to Intrepid Mines Limited at a price of 10 cents per unit. Each unit consists of one common share and one half of one non-transferable warrant, where each one whole warrant shall entitle the holder to purchase one common share at the price of 15 cents per common share for up to 24 months. Associated warrants issued can purchase up to five million common shares at 15 cents for 24 months expiring November 6, 2014. The shares issued cannot be traded before March 7, 2013
The Flow Through issue is 5,500,000 common shares at a price of 10 cents per share. Tranche One was the issue of 500,000 common shares which cannot be traded before March 7, 2013. Tranche Two was the issue of 5,000,000 common shares which cannot be traded before March 13, 2012. There are no warrants attached to these shares. There are no Finders’ Fees associated with the private placements.
The $1,000,000 received from Intrepid Mines Limited supports the 2012 drill and exploration program allowing us to mobilize and commit to testing the anomalies produced in March 2012 from the Quantec Geoscience Titan24 DCIP & MT survey. The permit allows for up to 25 drill sites and drilling has commenced. A minimum of 5,000 meters is planned initially with more depending on results.
Don MacIntyre, Ph.D., P.Eng. is the Qualified Person (“QP”) for the Silver Queen project.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Contact Ellen Clements: 1 800 856 3966
“Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.”