The proceeds from the Third Tranche will be used for the development of the Company’s Murdock Property and for general working capital. Finder’s Warrants were issued to certain finders, with each warrant exercisable into one Share at an exercise price of $0.10 over a sixty-month period. All securities issued in connection with the Third Tranche are subject to a statutory hold period expiring four months and one day after issuance. The Offering is subject to regulatory approval and approval from the Canadian Securities Exchange (CSE).
To date, the Company has raised $254,000 in its current non-brokered private placement, which will remain open until after the BLM public commentary period ends on August 4th, 2024. Securities sold in connection with the Third Tranche have not been registered under the United States Securities Act of 1933 and cannot be offered or sold in the United States without registration or an applicable exemption.
Additionally, the Company has agreed to issue 105,000 Shares at a price of $0.05 per Share to settle a debt of $5,250 with a creditor for unpaid fees. The Murdock Property owned by Nevada Organic Phosphate Inc. is a sedimentary rock phosphate property in NE Nevada, strategically located for organic fertilizer production. The Company aims to become a leading certified organic rock phosphate producer in North America.
This news release may contain forward-looking statements and information, and readers are advised not to place undue reliance on such statements. The Company undertakes no obligation to update or revise forward-looking statements unless required by applicable securities laws. For the original press release, visit the provided source link.
