Tickers: PINX:RCCMF, XOTC:RCCMF, XTSX:NIP
Tags: Mining
Brossard (Quebec) / TheNewswire / November 22nd, 2017 Nippon Dragon Resources Inc. (the "Corporation" or "Nippon") (TSX-V Symbol: NIP), is pleased to announce the closing of a non-brokered private placement. The placement is for 11,700,072 units of the Corporation at a price of $0.05 per unit (the "Units"), for aggregate gross proceeds of $585,003.60. Each unit consists of one common share in the share capital of the Corporation (a "Common Share") and one warrant of the Corporation (a "Warrant"). Each warrant entitles the holder thereof to purchase one additional common share in the share capital of the Corporation at a price of $0.075 per common share for a period of 24 months following the closing of the private placement.
''We are very pleased with the global diversity of participants in this financing as they are located in Canada, Japan and the United States of America'', stated Donald Brisebois, President and CEO of Nippon.
All securities issued in connection with the Private Placement are subject to a four month and one-day hold period from the date of issuance, expiring on March 23rd, 2018. The Corporation intends to use the net proceeds of the Private Placement for general corporate purposes and working capital.
One insider of the Corporation subscribed for a total of 160,000 units as part of the Common Share Private Placement (the "Insider Participation"), constituting a "related party transaction" as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Participation is exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 based on that neither the fair market value of such Insider Participation nor the consideration paid by such person exceeds 25% of Nippon's market capitalization.
About Nippon
Nippon is active in the exploration and the development of gold resources in Quebec. The Corporation holds a gold property with resources recognised in accordance with NI43-101 and also an exclusive license for the Thermal Fragmentation mining method.
The company's growth strategy is based on:
-The development of its gold deposits with the objective of producing revenue from its operations;
-Increasing the value of its mining assets by prioritizing the exploration targets; and
-The commercialisation and employment of its thermal fragmentation technology.
For additional information:
John Stella, Investor relations (514) 718-7976 jstella@nippondragon.com
Donald Brisebois, President & CEO (450) 510-4442 dbrisebois@nippondragon.com
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration and production activities and events or developments that the Corporation expects, are forward looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions.
Ressources Nippon Dragon Resources Inc. 7055 Taschereau Blvd., suite 500, Brossard (Quebec) J4Z 1A7
Tel: (450) 510-4442 www.nippondragon.com
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