Noka Resources Announces Non-Brokered Private Placement is Heavily Oversubscribed
07 February 2014 - 12:00AM
Marketwired
Noka Resources Announces Non-Brokered Private Placement is Heavily
Oversubscribed
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 6, 2014) - Noka
Resources Inc. (TSX-VENTURE:NX)(FRANKFURT:2NK) (the "Company" or
"Noka") announces that, further to the Company's news release of
January 14, 2014 announcing its non-brokered private placement (the
"Private Placement") of up to 5,000,000 units (the "Units") at a
price of $0.10 per Unit for gross proceeds of up to $500,000, Noka
announces that the Private Placement has been heavily
oversubscribed and accordingly the Company has determined to
increase the size of the Private Placement to 11,000,000 Units.
Due to the substantial size of the oversubscription, the Company
will file for final TSX Venture Exchange ("Exchange") acceptance
with respect to gross proceeds of $597,500 as a first tranche
closing, and will proceed, subject to Exchange approval, with a
second tranche closing for a balance of up to total gross proceeds
of $1,100,000.
Each Unit consists of one common share and one transferable
share purchase warrant, with each warrant exercisable into one
common share at a price of $0.20 per share for a period of two
years. The Company will close the first tranche of the Private
Placement immediately upon receiving final Exchange acceptance
thereof.
In respect to the first tranche closing, the Company will pay a
finder's fee of an aggregate $36,850 and 343,500 Finder's Warrants
(the "Finder's Warrants") to registered dealers and arms-length
parties. 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 Private Placement are subject to
resale restrictions under applicable securities legislation.
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.
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.
For further information please visit www.nokaresources.com.
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.
Noka Resources Inc.Nav DhaliwalPresident and CEO(604)
678-5308(604) 678-5309www.nokaresources.com
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