Brossard (Quebec) / ACCESSWIRE / November 26th, 2014 / Nippon Dragon Resources Inc. (the "Corporation" or "Nippon") (TSX-V Symbol: NIP), is pleased to announce the closing of the final tranche of the non-brokered private placement announced by way of a press release dated September 22, 2014. This final tranche is for 3,915,833 units of the Corporation at a price of $0.075 per unit (the "Units"), for aggregate gross proceeds of $293,687.48. 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 $0.115 per common share for a period of 24 months following the closing of the private placement.
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 27th, 2015. The Corporation intends to use the net proceeds of the Private Placement for ongoing TSX-V listing requirements, general corporate purposes and working capital for adequate deployment of the thermal fragmentation technology on different projects at the national and international levels.
Additionally, the Corporation announces that it has issued 235,156 common shares of the Company priced at $0.10 as quarterly interest payments on outstanding debentures as approved by the TSX Venture Exchange May 10th, 2012 and announced via press release. The amount of interest totals $23,515.60 for the period of April 2014 to October 2014. The above mentioned common shares are subject to a four month and one-day hold period from the date of issuance.
Nippon is active in the exploration and the development of gold resources in Quebec and Peru. The Corporation holds a gold property with resources recognised in accordance with NI43-101, a modular treatment plant and also an exclusive license for the Thermal Fragmentation mining method for exploiting narrow-vein ore deposits.
The company's growth strategy is based on:
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-- 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 [email protected]
Andre Savard, President & CEO (450) 510-4442 [email protected]
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
SOURCE: Nippon Dragon Resources Inc.