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Nevada Organic Phosphate Increases Unit Offering to $4.75 Million

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Nevada Organic Phosphate (NOP.CN) increased its previously announced non-brokered private placement for proceeds of up to $4.8 million from $2 million, through the issuance of up to 26.4-million units at $0.18 apiece, it said Friday.

The company intends to close the offering on May 22. Each unit will consist of one common share and one-half of one share purchase warrant, with each warrant entitling the holder to buy a share for $0.30 for a three-year period following the date of issuance.

Proceeds are expected to be used for a phase two drill program at its Murdock property and for general working capital needs.

Shares of the company were last seen unchanged at $0.195 on the Canadian Securities Exchange.

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