Nomad Ventures closes first tranche of private placement
Nomad Ventures Inc. (the “Company”) is pleased to announce that it has closed its final tranche of its previously announced private placement (see news release on January 8, 2015 and February 24, 2015). In total, the Company issued 2,880,000 units at a price of $0.05 per share for gross proceeds of up to $144,000. Under the entire private placement, the Company issued 6,360,000 units at a price of $0.05 per unit for gross proceeds of $318,000.
Each unit consists of one common share in the capital of the Company and one share purchase warrant entitling the holder to acquire one additional common share of the Company, exercisable for a period of five years following the closing date of the private placement. The exercise price of each of the share purchase warrants will be $0.05 during the five year term of the warrants.
Finder’s fees totaling $7,200 and 124,000 finder’s warrants will be paid with respect to the final tranche of the private placement. Each finder’s warrant will be on the same terms as the warrants issued under the private placement.
The shares and any shares acquired upon the exercise of the warrants are subject to a 4 month hold period expiring on August 18, 2015.
The gross proceeds of the offering will be used in part for general working capital and exploration expenditures on the Company’s St. Vincent Bay Aggregate Property.