Mr. Robin Dow reports
NEVADA ORGANIC PHOSPHATE PROVIDES CORPORATE UPDATE AND ANNOUNCES FINANCING
Nevada Organic Phosphate Inc. has been advised by Westland, its environmental consultant, that the administrative draft of the Murdock Mountain EA was submitted to the BLM (Bureau of Land Management) in Reno on March 8. It was then sent to the BLM team in Wells/Elko on March 12. Upon the request of the BLM field manager, the review period for the EA will go until April 5. Hopefully, the draft will be published for public comment by mid-April, or shortly thereafter. The public consultation should take about 30 days. The BLM can then elect to issue to NOP its Exploration Permit which will let NOP start its drill program.Robin Dow, chief executive officer, states: "NOP, and its predecessors, have had the Murdock Mountain property since 2011. It is now wonderful to see that NOP could be drilling by the end of May. This is what the Exploration Team dreams of...finally!"
The company also announces it intends to complete a non-brokered private placement (the "Offering") of up to 3,000,000 units ("Units") at a price of $0.05 per unit for aggregate gross proceeds of up to $150,000 to fund the public comment and BLM / Westland ancillary costs till the exploration permit is released.
Each unit will consist of one common share in capital of the corporation (a "common share") and one common share purchase warrant (a "warrant"). Each warrant will entitle the holder thereof to purchase one common share at a price of $0.10 per common share for a period of 60 months from the date of issuance.
The securities offered pursuant to the Offering will be subject to a statutory hold period of four months and a day from the date of issuance. The company may pay finder's fees on a portion of the gross proceeds of the offering. The offering remains subject to regulatory approval and the approval of the Canadian Securities Exchange.
The net proceeds of the offering will be used for advancement of the company's Murdock property and for general working capital.
About Nevada Organic Phosphate Inc.
Nevada Organic Phosphate is a junior exploration company with a sedimentary rock phosphate property hosting a nearly flat-lying sedimentary bed of known phosphate mineralization in northeast Nevada.
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