Noka Resources Closes Oversubscribed Second Tranche of Financing
February 25, 2014 (Source: Marketwired) — Noka Resources Inc. (TSX VENTURE:NX)(FRANKFURT:2NK) (the “Company“) is pleased to announce that, further to the Company’s news release dated February 6, 2014 whereas the Company closed $597,500 of the Non-Brokered Private Placement financing (the “Financing”), the Company has closed the second tranche of the Financing for additional gross proceeds of $536,000, bringing the total amount raised to $1,133,500.
The Company has allotted and issued 5,360,000 Units (the “Units”) at a price of $0.10 per Unit. Each Unit consists of one common share in the capital of the Company and one share purchase warrant (the “Warrant”). Each Warrant is exercisable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of $0.20 per share.
In addition, the Company has paid a finder’s fee of an aggregate $36,000 and 360,000 Finder’s Warrants (the “Finder’s Warrants”) to registered dealers. Each Finder’s Warrant is exercisable by the holder to acquire one additional common share of the Company for a period of two years from issuance at an exercise price of $0.20 per share.
All securities issued under the Financing are subject to a four-month statutory hold period that expires on June 25, 2014.
About Noka Resources Inc.:
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin, Northern Saskatchewan. Noka’s exploration strategy is focused in relatively underexplored areas of the Athabasca Basin Region, targeting favourable geology and structure amenable to near surface, unconformity-style uranium mineralization.
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With a total land position of 488,463 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater (which includes the Carpenter Lake) and Athabasca North group of properties, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
ON BEHALF OF THE BOARD OF DIRECTORS
Nav Dhaliwal, President and CEO
Neither 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.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
Raj Shah has professional experience working for over a half a dozen years at financial firms such as Merrill Lynch and First Allied Securities Inc., ... <Read more about Raj Shah>