Noka Resources Closes Oversubscribed Financing and Engages Technical Advisor
Vancouver, BC / TheNewswire / February 27, 2015 / Noka Resources Inc. (TSX-V: NX, FSE: 2NK) (the "Company") pleased to announce that further to the Company's news release dated February 2, 2015, the Company has closed the Non-Brokered Private Placement Financing (the "Private Placement") for gross proceeds of $544,500.
The Company has allotted and issued 10,890,000 units (the "Units") at a price of $0.05 per Unit. Each Unit consists of one common share in the capital of the Company and one-half of one share purchase warrant (the "Warrant"). Each whole Warrant is exercisable by the holder to acquire one additional common share of the Company for a period of one year from issuance at an exercise price of $0.10 per share.
In addition, the Company has paid a finder's fee of an aggregate $7,650 and 52,500 Units to registered dealers. Each Unit has the same terms as above.
All securities issued under the Private Placement are subject to a four-month and one-day hold period. The Company intends to use the proceeds from the Private Placement to conduct further exploration on its Athabasca Basin Uranium properties and for general working capital.
The Company also announces that it has engaged Mr. Richard Kusmirski, M.Sc., P.Geo. as technical advisor to the Company. Mr Kusmirski is an experienced uranium geoscientist with over 40 years of exploration experience in North America and overseas having actively participated in the discovery of a number of uranium, gold and base metal deposits. The board of directors welcomes Mr. Kusmirski to the team.
About Noka Resources Inc.:
Noka Resources Inc. is a junior exploration company with a focus on uranium in the prolific Athabasca Basin of 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 prospective land position of 493,236 hectares, Noka holds one of the largest geologically prospective land packages in the region through a 100% interest in the Clearwater and Athabasca North group of properties, a 40% interest in the Carpenter Lake Property, an option to earn 100% interest in the Lodge Pole Point Project, as well as a 25% interest in the Western Athabasca Syndicate group of properties.
For further information, please contact Nav Dhaliwal, President, at nav@nokaresources.com or visit www.nokaresources.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Nav Dhaliwal"
Nav Dhaliwal
President and CEO
(604) 678-5308
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.
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