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Nevada Organic Phosphate Inc. (CSE: NOP) ("NOP" or the "Company), a B.C. based company engaged in the exploration, in Nevada, for organic, sedimentary raw rock phosphate, wishes to provide an update to its previously announced non-brokered private placement. Further to the Company's news release dated May 18, 2024 and due to high investor interest, the Company is increasing its target for its current private placement from $150,000 to $500,000 (the "Offering"). The Company now intends to issue an aggregate of 10,000,000 units (each a "Unit") at a price of $0.05 per Unit, with each Unit consisting of one common share of the Company (each a "Share") and one common share purchase warrant exercisable at a price of $0.10 per Share for a period of five years from the date of closing.
The Company expects to close the Offering on the day that NOP receives confirmation from the Bureau of Land Management ("BLM") that the NOP Environmental Assessment Reports ("EA's") have been posted on the BLM website for public comment for a period of 30 days. Upon completion of the review period, the BLM may then issue to NOP a "Prospecting Permit" which shall allow the Company to commence it's drill programme.
The Company's capitalization structure is still tight as detailed in the below capitalization table on a fully diluted basis.
| Total issued and outstanding common shares | 47,907,705 | ||
| Total options outstanding | 4,325,000 | ||
| Total warrants outstanding | 11,002,465 | ||
| Total issued and outstanding - Fully Diluted | 63,235,170 |
NOP also announces that it has been informed by the BLM that some internal processes and guidance pertaining to the Environmental Assessments at the Company's Murdock Property, have recently changed and now require additional internal reviews for BLM media releases. It is now estimated that an additional 2-4 weeks of internal BLM reviews will be required before the public disclosure of the Company's EA and the public comment period will begin.
NOP CEO Robin Dow comments: "The Company has been working very diligently for the past two years to obtain our exploration license. We are now in the final stages of obtaining our approvals. In the meantime, our geological team is working on preparing our exploration plan and are contacting drilling companies as part of our tendering process. We wish to thank all of our shareholders for their continued support of our optimistic path forward."
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.
For More Information
Robin Dow, CEO
T: 604.355.9986
E: robin@dowgroup.ca
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 Offering, the BLM and the anticipated timing of approvals and or closing. 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/212631
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