Montreal-based Nora Exploration (NXI-M) has completed two private placements totalling $960,000 in order to fund a deep-sea program of diamond exploration.
The first private placement is in two parts: 190,476 units, each consisting of one share at 84cents and one-half of a share purchase warrant at $1.10 exercisable for 18 months; and 375,000 units, each consisting of one share at 80cents and one-half of a share purchase warrant at $1.10 exercisable for 18 months.
The second private placement is in the amount of 574,712 units, each of which consists of one share at 87cents and one-half of a share purchase warrant priced at $1.15 and exercisable for 18 months.
Part of the proceeds will be used to fund a geophysical survey of a 23,000-sq.-km deep-water marine diamond concession off the coast of Namibia.
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