Quarterly Results Presentation
The aggregate proceeds of the Third Tranche are anticipated to be used for advancement of the Company’s Murdock Property and for general working capital. Fees of $500 were paid and 10,000 finder’s warrants were issued (the “Finder’s Warrants“) to certain finders in connection with the Third Tranche. Each Finder’s Warrant is exercisable into one Share for a period of sixty months at an exercise price of $0.10.
All securities issued in connection with the Third Tranche are subject to a statutory hold period expiring four months and one day after the date of issuance, as set out in National Instrument 45‐102 – Resale of Securities. The Offering remains subject to regulatory approval and the approval of the Canadian Securities Exchange (“CSE“).
To date a total of $254,000 has been raised in the Company’s current non-brokered private placement, which will remain open until after the deadline for the BLM public commentary period ending on August 4th, 2024.
None of the securities sold in connection with the Third Tranche have been and will not be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or any jurisdiction in which such offer, solicitation or sale would be unlawful.
Shares for Debt Settlement
The Company also announces that it has agreed to issue an aggregate of 105,000 Shares at a deemed price of $0.05 per Share to a creditor of the Company (the “Creditor“) as full and final payment of debt in the aggregate amount of $5,250 (the “Debt Settlement“), which debt was for certain unpaid fees for services performed by the Creditor.
All securities issued in connection with the Debt Settlement will be subject to a statutory hold period expiring four months and one day after the date of issuance, as set out in National Instrument 45‐102 – Resale of Securities.
Nevada Organic Phosphate Inc.
NOP is a junior exploration company with a sedimentary rock phosphate property (the “Murdock Property”) hosting a nearly flat lying sedimentary bed of known phosphate mineralization in NE Nevada.
The increasing interest in organic and sustainable agriculture practices has contributed to the demand for organic fertilizers, including those derived from rock phosphate. Organic rock phosphate is often marketed as a fertilizer that not only provides phosphorus but also contributes to overall soil health.
The Issuer aims to be one of the only certified organic rock phosphate producers with large scale potential in North America. The Murdock Property is situated adjacent to a main highway and the rail head to California.
Neither the Canadian Securities Exchange nor its regulations services providers have reviewed or accept responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements and information (“FLSI”) within the meaning of applicable securities laws. FLSI may include expectations, anticipations, beliefs, opinions, plans, intentions, estimates, forecasts, projections, guidance or other similar statements and information that are not historical facts. All statements which are not historical statements are considered FLSI. Forward-looking statements in this press release include, but are not limited to, statements regarding the proposed Offering and the anticipated use of proceeds of the Offering. All FLSI is based on assumptions, which may prove inaccurate, and subject to certain risks and uncertainties, including without limitation those risks and uncertainties identified in the Company’s public securities filings, which may cause actual events or results to differ materially from those indicated or implied in FLSI. Accordingly, readers should not place undue reliance or value on FLSI. Although the Company believes that the expectations reflected in any FLSI in this news release are reasonable at the present time, it can give no assurance that such FLSI will prove to be correct. Any FLSI in this news release is made as of the date hereof and the Company undertakes no obligations to publicly update or revise any FLSI, whether as a result of new information, future events or otherwise, unless required by applicable securities laws. Any FLSI in this news release is expressly qualified in its entirety by this cautionary statement.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/217390
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