Trading Symbol - NMD.V
VANCOUVER, Oct. 24, 2014 /CNW/ - NomadVentures Inc. ("the Company") ("Nomad") (TSX-V: NMD) is pleased to announce it has increased its previously announced private placement offering (see news release dated August 25, 2014) from 5,000,000 units to 5,500,000 units at a price of $0.05 per unit for gross proceeds of up to $275,000.
Each unit will continue to consist of one common share in the capital of Nomad and one share purchase warrant entitling the holder to acquire one additional common share of Nomad, exercisable for a period of five years following the closing date of the private placement. The exercise price of each of the share purchase warrants will be $0.05 during the five year term of the warrants.
Nomad shall rely on the accredited investor exemption (British Columbia, Alberta and Ontario) and the friends and relatives exemption (British Columbia) in accordance with National Instrument 45-106 – Prospectus and Registration Exemptions.
Nomad will pay a finder's fee in connection with the private placement of 10 percent cash, plus 10 percent finders' warrants, where permitted by the TSX Venture Exchange. The exercise price of each of the finders' warrants will be 10 cents during the first 12 months of the term of the warrants, or at an exercise price of 15 cents during the last 12 months of the term of the warrants.
The gross proceeds of the offering will be used in part for general working capital and exploration expenditures on the Company's St. Vincent Bay Aggregate Property.
Asset Purchase Agreement to Acquire Barge Loading Ramp
Nomad is also pleased to announce that it has entered into an asset purchase agreement (the "Agreement") with Shane Ivancoe and 0929846 B.C. Ltd. (the "Vendors") to acquire a 75 foot Barge Loading Ramp for use at the St. Vincent Bay Property. Under the terms of the Agreement, the Vendors will sell the Barge Loading Ramp to Nomad and in consideration of which Nomad will issue a total of 4,000,000 shares to the Vendors.
Mr. Brent Forgeron, President & CEO states, "The acquisition of the Barge Loading Ramp is a key component to the transportation and sale of Aggregate products produced at the St. Vincent Bay property. The barge ramp is designed to be hinged from a shore bulkhead with a floating support pontoon that accounts for the full range of tide levels and provides essential heavy equipment access from shore to load Aggregate products onto floating barges up to 10,000 tons in size."
The Asset Purchase Agreement and the transactions contemplated therein are subject to TSX Venture Exchange approval.
On behalf of the Board of Directors,
"Brent Forgeron"
President & CEO
Nomad Ventures Inc.
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Nomad cautions that all forward looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Nomad's control. Such factors include, among other things: risks and uncertainties relating to Nomad's limited operating history. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward looking information. Except as required under applicable securities legislation, Nomad undertakes no obligation to publicly update or revise forward-looking information.
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.
SOURCE Nomad Ventures Inc.
