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Nikos (V.NIK) announces funding for Probe (V.PRB) closeology gold play

Stockhouse Editorial
0 Comments| March 14, 2014


Nikos Explorations Ltd. (TSX: V.NIK, Stock Forum) said Friday it plans to complete a non-brokered private placement offering of one million units at 10 cents per unit.

Net proceeds will be used to fund exploration near Probe Mines Ltd.’s (TSX: V.PRB, Stock Forum) Borden Lake gold project, which is located on the Kapuskasing Structural Zone, in northern Ontario.

“The continued success of Probe Mines’ Borden Lake exploration has demonstrated the gold discovery potential of the Kapuskasing Structural Zone,’’ said Nikos President Roger Mosss.

Under the placement terms, each until consists of one share of the company and one warrant entitling the holder to buy another share at 15 cents for up to 24 months, the company said in a press release.

Nikos was unchanged Friday at 12 cents, leaving a market cap of $1.3 million, based on 10.7 million shares outstanding. The 52-week range is 15 cents and 2.5 cents.

Tags: INDUSTRIAL METALS & MINERALS

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