Nevada Organic Phosphate Inc. (CSE: NOP; OTCQB: NOPFF) has announced the closing of the second and final tranche of its previously announced non-brokered private placement, raising gross proceeds of $705,734 through the issuance of 3,920,744 units at $0.18 per unit. Combined with the first tranche, the offering generated aggregate gross proceeds of approximately $5.75 million. The company stated that proceeds are expected to be used to fund a Phase 2 drill program at its Murdock Mountain Property and for general working capital, while all securities issued under the second tranche remain subject to applicable hold periods and regulatory approvals.
This capital raise is a significant milestone for Nevada Organic Phosphate, a junior exploration company with an organic sedimentary raw rock phosphate bed spanning 6.6 kilometers in northeast Nevada. Additional applications extend the potential strike of rock phosphate to over 30 kilometers. The company believes this to be the only known large-scale organic sedimentary phosphate project in North America. The property is strategically situated close to the main highway to Montello/Elko, Nevada, and near the rail head to California, providing logistical advantages for future development.
The Phase 2 drill program is expected to further delineate the resource at Murdock Mountain, building on previous exploration results. The completion of the private placement provides the necessary funding to advance the project, which could have implications for the agricultural sector as a source of organic phosphate fertilizers. For more details, the full press release is available at https://ibn.fm/YDQx9.
Investors and stakeholders can find the latest news and updates relating to NOP in the company’s newsroom at https://ibn.fm/NOP. The successful closing of this financing positions Nevada Organic Phosphate to continue its exploration efforts and potentially contribute to the supply of organic phosphate in North America.
