Nevada Organic Phosphate seeks $2 million private placement funding

Nevada Organic Phosphate Inc. (CSE: NOP) (OTCQB: NOPFF) announced plans to raise up to $2 million through a private placement offering. The Vancouver-based phosphate exploration company intends to issue up to 11,111,111 units at $0.18 per unit.

Each unit consists of one common share and one-half of a share purchase warrant. The warrants allow holders to purchase additional shares at $0.30 each within 36 months of issuance.

The company plans to use proceeds for a phase two drill program at its Murdock Property in Nevada and general working capital. Nevada Organic Phosphate may pay finder's fees on a portion of the gross proceeds.

All securities from the offering will be subject to a four-month and one-day statutory hold period. The placement requires approval from the Canadian Securities Exchange and regulatory authorities.

Nevada Organic Phosphate operates what it describes as an organic sedimentary phosphate project spanning 6.6 kilometers in northeast Nevada, with additional applications extending the potential strike to over 30 kilometers. The company characterizes this as the only known large-scale organic sedimentary phosphate project in North America.

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