Nevada Organic Phosphate (CSE:NOP) has announced a non-brokered private placement of up to 11.1 million units at C$0.18 per unit, raising gross proceeds of up to C$2 million.
Each unit will consist of one common share and one-half of a share purchase warrant, with each warrant entitling the holder to purchase an additional share at C$0.30 for 36 months.
Nevada Organic Phosphate has noted that the company plans to use the proceeds of the offering for phase two drilling at the Murdock Property, as well as for general working capital.
The offering remains subject to regulatory approvals and approvals from the Canadian Securities Exchange.
Nevada Organic Phosphate is an exploration company focused on organic sedimentary raw rock phosphate in northeast Nevada.
Write to Amy Rotman at Mining.com.au
Images: Nevada Organic Phosphate
