Nevada Organic Phosphate (CSE:NOP) has upsized a non-brokered private placement from C$2 million to C$4.5 million ($4.57 million) to fund the second phase of a drill program at the Murdock Mountain Project in the US.
The placement comprises the issue of 26.38 million units at C$0.18 per unit. Each unit will comprise one common share and half of a share purchase warrant, exercisable at C$0.30 for a 36-month period.
Funds will also be used for general working capital purposes.
Nevada Organic is finalising commitments already received and, subject to receipt of the related subscription agreements and funds, intends to close the placement on 22 May 2026.
In late April, Nevada Organic advanced its 2026 exploration program at the Murdock Mountain Project, following completion of drill mobilisation. Drill pad preparations are complete, and a contractor is ready to begin the drill program.
As previously reported, the drilling program is designed to extend the geological model along strike, as well as refine structural controls and support future classification work.
The program will also evaluate the strike, thickness, lateral continuity, and grade characteristics of the Meade Peak Upper Phosphate Zone, which outcrops across Murdock Mountain.
Nevada Organic Phosphate is an exploration company focused on organic sedimentary raw rock phosphate in northeast Nevada.
Write to Aaliyah Rogan at Mining.com.au
Images: Nevada Organic Phosphate
