Mr. Robin Dow reports
NEVADA ORGANIC PHOSPHATE ANNOUNCES PRIVATE PLACEMENT OF UP TO $500,000
Nevada Organic Phosphate Inc. intends to complete a non-brokered private placement of up to 10 million units at a price of five cents per unit for aggregate gross proceeds of up to $500,000.
Each unit will consist of one common share in the capital of the company and one share purchase warrant, with each warrant entitling the holder thereof to purchase one additional share at a price of 10 cents per warrant share for a period of 60 months following the date of issuance. Each warrant will be subject to an acceleration provision providing that, if the volume-weighted average price for the company's common shares on the Canadian Securities Exchange (or such other exchange on which the common shares may be traded at such time) is equal to or greater than 25 cents for a period of 10 consecutive trading days at any time after the date of issue, the company can accelerate the expiry date of the warrants by disseminating a news release advising the holders of the acceleration and, in such case, the warrants will expire on the 30th day after the date of such notice.
The aggregate proceeds of the offering are anticipated to be used for advancement of the company's Murdock property and for general working capital. The company may pay a finder's fee on a portion of the gross proceeds of the offering. All securities issued in connection with the offering are subject to a statutory hold period expiring four months and one day after the date of issue, as set out in National Instrument 45-102, Resale of Securities. The offering remains subject to regulatory approval and the approval of the CSE.
The company also wishes to announce that it has closed the private placement of units as detailed in its news releases dated March 18, 2024, June 6, 2024, July 23, 2024, Aug. 20, 2024, and Sept. 27, 2024, consisting of an aggregate of 7.48 million units of the company at a price of five cents per unit for gross aggregate proceeds of $374,000.
About Nevada Organic Phosphate Inc.
Nevada Organic Phosphate is a junior exploration company with a sedimentary rock phosphate property (the Murdock property) hosting a nearly flat lying sedimentary bed of known phosphate mineralization in northeastern Nevada.
The increasing interest in organic and sustainable agriculture practices has contributed to the demand for organic fertilizers, including those derived from rock phosphate. Organic rock phosphate is often marketed as a fertilizer that not only provides phosphorus but also contributes to overall soil health.
The issuer aims to be one of the only certified organic rock phosphate producers with large-scale potential in North America. The Murdock property is situated adjacent to a main highway and the railhead to California.
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