NOP Secures $2.3M for Murdock Drill Program, Starts in October
Nevada Organic Phosphate Inc. (CSE: NOP) has successfully concluded a private placement, securing $2,313,136. The funds will fuel the company's phase one drill program at the Murdock Property and bolster general working capital.
The offering involved the issuance of 40,445,400 units at $0.05 each. Each unit comprises one share and one-half of one warrant. These warrants allow holders to purchase an additional share at $0.10 per share for 60 months. Additionally, the company issued 3,620,000 finder's units, with each unit consisting of one share and one-half of one finder's warrant, for which it paid $181,000 in finder's fees.
The drill program is set to commence in early October and wrap up by October 31. None of the securities sold are registered under the United States Securities Act of 1933. All issued securities are subject to a statutory hold period of four months and one day. The offering awaits regulatory approval and the green light from the Canadian Securities Exchange.
Nevada Organic Phosphate Inc. has raised significant funds to kickstart its Murdock Property drill program and strengthen its financial position. The drill program's timeline and funding details have been outlined, with regulatory approval pending.
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