Vancouver, British Columbia--(Newsfile Corp. - December 23, 2016) - Nikos Explorations Ltd. (TSXV: NIK) ("Nikos" or the "Company") is pleased to announce the closing on December 23, 2016 of the first tranche of its non-brokered private placement (the "Private Placement") announced in its news release dated December 2, 2016, raising gross proceeds of $236,550.
On December 23, 2016, the Company issued 1,755,000 units (the "Units") priced at $0.08 per Unit. Each Unit was priced at $0.08 per Unit and consisted of one common share of the Company (a "Unit Share") and one share purchase warrant (a "Warrant") entitling the holders thereof to purchase one additional common share of the Company (a "Warrant Share") at a price of $0.13 per Warrant Share for a period of 2 years. The Company also issued 1,068,334 common shares on a flow-through basis (the "FT Shares") priced at $0.09 per FT Share.
Finders fees comprised of 155,400 common shares of the Company ("Finders' Shares") were issued in connection with the Private Placement.
The Unit Shares, Warrants, Warrant Shares, FT Shares and Finders' Shares are subject to a hold period expiring on April 24, 2017.
The Company will continue to accept subscriptions over the coming weeks in respect of the 1,995,000 Units that remain available for purchase pursuant to the Private Placement.
The Company will use the gross proceeds from the sale of the FT Shares and part of the gross proceeds from the sale of the Units to fund a drilling program at the Company's Borden Lake Extension property, and it will continue to keep its general working capital expenses to a minimum.
About Borden Lake Extension:
The Borden Lake Extension Project covers an area of 36 square kilometres and lies approximately 5 km southeast of Goldcorp's Borden Lake high grade gold zone where exploration has defined underground constrained indicated resources of 1.6 MMoz grading 5.39g/t Au and inferred resources of 0.4 MMoz grading 4.37 g/tAu. This zone remains open along strike to the southeast. In addition, a lower grade pit constrained indicated resource of 2.3 MMoz grading 1.03g/t gold has been defined. Exploration carried out by Nikos is the first known work on the property, which is located in the Kapuskasing Structural Zone. Nikos holds an option to earn a 100% interest in the property.
About Nikos Explorations:
Nikos Explorations is a Canadian based mineral exploration company focused on the acquisition and exploration of prospective gold projects in the Americas. The Company has 20,860,475 common shares issued and outstanding and trades on the TSX Venture Exchange under the symbol NIK.
Roger Moss, PhD., P.Geo., is the qualified person for all technical information in this release.
|For more information please contact:||Roger Moss, President Tel: 416-704-8291|
Or visit our website at: www.nikosexplorations.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.