| | | Next Gen Metals Closes First Tranche Of Non-Brokered Private Placement For Proceeds Of $1,331,500 | | |
Next Gen news 040811
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April 8, 2011 - Vancouver, Canada.
Next Gen Metals Inc. (TSX.V:N)
("Next Gen" or the "Company") is
pleased to report that, further to
its non-brokered private placement
announced in news releases March 1
and 24, 2011, the Company has
completed the first tranche
consisting of 1,833,334 Flow-Through
Units ("FT Units") at $0.30 per FT
Unit and 3,126,000 Non-Flow-Through
Units ("NFT Unit") at $0.25 per NFT
Unit for gross proceeds of
$1,331,500.
Each NFT Unit consists of one common
share in the capital of the Company
and one-half of one share purchase
warrant ("NFT Warrant"). Each whole
NFT Warrant will entitle the holder
to purchase one additional common
share of the Company at a price of
$0.35 per share for a period of 12
months from closing.
Each FT Unit consists of one common
share in the capital of the Company
and one-half of one share purchase
warrant ("FT Warrant"). Each whole
FT Warrant will entitle the holder
to purchase one additional common
share of the Company at a price of
$0.40 for a period 12 months from
closing.
All common shares issued in
connection with this financing are
subject to regulatory hold periods
restricting them from trading until
August 8, 2011. In connection with
the closing of the first tranche,
the Company has paid $16,000 in
finder's fees.
The proceeds of this private
placement will be used to continue
the development of our existing
projects, acquire new silver, gold
or base metal projects on an
international scale and general
working capital.
About Next Gen Metals Inc.
Next Gen is a mineral exploration
company whose current focus is on
gold, silver and base metals
projects in North America. The
Company is presently developing the
Silver Chalice Property, located in
Alaska, and the Fate Gold Project
located in the Abitibi Greenstone
Belt of Northwest Québec, which is
one of the most famous gold and base
metals regions in the world. In
addition, the Company is
aggressively negotiating for
additional advanced-stage silver,
gold and base metal projects on an
international scale.
Next Gen is the newest company to
join the International Metals Group.
The Board of Directors is comprised
in part with directors from the
International Metals Group ("IMG")
(www.internationalmetalsgroup.com)
who, along with management, have a
combined 150 years or more of
experience in all aspects of
managing public companies related to
the resource industry. |
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On behalf of the Board of
Directors
"Harry Barr"
Harry Barr
President & CEO
Next Gen Metals Inc.
Neither the TSX Venture Exchange
nor its Regulation Services
Provider (as that term is
defined in the policies of the
TSX Venture Exchange) accepts
responsibility for the adequacy
or accuracy of this release.
Note: this release contains
forward-looking statements that
involve risks and uncertainties.
These statements may differ
materially from actual future
events or results and are based
on current expectations or
beliefs. For this purpose,
statements of historical fact
may be deemed to be
forward-looking statements. In
addition, forward-looking
statements include statements in
which the Company uses words
such as "continue", "efforts",
"expect", "believe",
"anticipate", "confident",
"intend", "strategy", "plan",
"will", "estimate", "project",
"goal", "target", "prospects",
"optimistic" or similar
expressions. These statements by
their nature involve risks and
uncertainties, and actual
results may differ materially
depending on a variety of
important factors, including,
among others, the Company's
ability and continuation of
efforts to timely and completely
make available adequate current
public information, additional
or different regulatory and
legal requirements and
restrictions that may be
imposed, and other factors as
may be discussed in the
documents filed by the Company
on SEDAR (www.sedar.com),
including the most recent
reports that identify important
risk factors that could cause
actual results to differ from
those contained in the
forward-looking statements. The
Company does not undertake any
obligation to review or confirm
analysts' expectations or
estimates or to release publicly
any revisions to any
forward-looking statements to
reflect events or circumstances
after the date hereof or to
reflect the occurrence of
unanticipated events. Investors
should not place undue reliance
on forward-looking statements.
Except as required by law, the
Company undertakes no obligation
to update any forward-looking
statements.
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| | You can view the Next News Releases item: Tue Apr 26, 2011, Next Gen Metals Closes Final Tranche of Non-Brokered Private Placement For Cumulative Proceeds of $1,978,250
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