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Nevada Exploration closes oversubscribed placement, raises C$1.8M

Nevada ExplorationInc. said July 12 that it closed the private placement announced , raising about C$1.8 millioninstead of the planned C$1.5 million as the fundraising was oversubscribed.

The company increased the number of units sold to 5,000,000 unitsfrom 4,285,715 units, still priced at 35 cents each.

Each unit consists of 1 common share and 0.5 of a non-transferableshare purchase warrant, exercisable at 60 cents within 18 months.

Proceeds will be used to advance exploration projects, includingat the Kelly Creekgold project in Nevada.