************NEWS RELEASE*************
Date: March 3rd, 1998
Subject: News - for immediate release
NORA EXPLORATION CLOSES TWO NEW PRIVATE PLACEMENTS
Montreal, QC - Nora Exploration Inc. (NXI-ME) is pleased to announce that it has completed two private placements totaling 960,000$.
The first private placement is comprised of 565,476 units and divided as follows:
- 190,476 units, each unit consisting of one share at 0,84$, and one-half warrant at 1.10$ exercisable over the next 18 months.
- 375,000 units, each unit consisting of one share at 0,80$, and one-half warrant at 1.10$ exercisable over the next 18 months.
The second private placement is comprised of 574,712 units, each unit consists of one share at 0,87$, and one-half warrant at 1.15$ exercisable over the next 18 months.
Part of the proceeds will provide the means for Nora Exploration Inc. to complete the detailed geophysical survey of its 23,000 sq.km. deep-water marine diamond concession, referred to as the second largest offshore marine diamond concession in southern Africa. The remaining balance shall be retained in the business to be used as working capital.
Due to the present uncertainty in Canadian mining stocks, management would like to take this opportunity to assure its shareholders that their investment is in a Company with strong fundamentals combined with profits and cash flow from its mining operations.
Nora Exploration Inc., is a Canadian based exploration and mining company, actively involved in the acquisition, exploration and development of first rate diamond properties in Africa. The Corporation's rapid and dynamic growth will place it among the significant players in the world marine diamond business. Its shares are traded on the Montreal Stock Exchange under the symbol NXI-ME.
The transaction is subject to regulatory approval.
For further information, please contact:
Pierre L‚veill‚
President |
