Napier Ventures Inc. Closes First Tranche of Non-Brokered Private Placement
03.03.2017 | The Newswire
VANCOUVER, March 3, 2017 - Napier Ventures Inc. (TSX.V: NAP) ("Napier" or the "Company") is pleased to announce that it has closed the first tranche of its non-brokered private placement (the "Private Placement") previously announced April 21, 2016 for gross proceeds of $1,000,000 comprised of 4,000,000 common shares at a price of $0.25 per Share.Proceeds from the Private Placement will be used to fund the Company's exploration activities upon completion of its previously announced acquisition of the Emerald Isle Property in Mohave County, Arizona (the "Emerald Isle Transaction") (up to $500,000 in phases), to pay outstanding liabilities ($450,000), to fund certain expenses incurred in connection with Emerald Isle Transaction ($250,000) and for working capital purposes ($300,000). Although the Company intends to use the proceeds of the Private Placement as described above, the actual allocation of net proceeds may vary from the uses set forth above, depending on future operations, unforeseen events or opportunities.
In connection with the first tranche of the Private Placement, the Company paid Finder's Fee in cash of $3,750 and 350,000 shares.
The securities issued in connection with the Private Placement will be subject to a hold period expiring four months and one day from the date of issuance of the securities. The completion of the Private Placement and payment of any finder's fees remains subject to the receipt of all necessary approvals, including the approval of the Exchange.
About Napier Ventures
Listed on the TSX Venture Exchange (TSX.V: NAP), Napier Ventures Inc. is a Vancouver based, junior mineral exploration Company managed by a team of professionals with extensive experience in mining exploration, finance and law. Management is dedicated to advancing the Company and increasing shareholder value by engaging in the search for value-adding mineral deposits through exploration and/or acquisition, as well as other resource opportunities as they may arise.
On behalf of the board of NAPIER VENTURES INC.
Per: "Michael Raftery"
Michael Raftery, Chief Financial Officer and Director
Safe Harbour for Forward-Looking Information: This press release may contain forward-looking information based on management's expectations, estimates and projections. All statements that address expectations or projections about the future, including statements about the completion of the Private Placement, the use of proceeds of the Private Placement and contemplated approvals of the TSXV. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company assumes no obligation to update forward-looking information except as required by law.
Neither the 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.
To reach Napier Ventures Inc. please contact:
Earl Hope
(604) 639-0009
earl@napierventuresinc.com