|
TORONTO,
ONTARIO--(Marketwire - June 12, 2008) -
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS
NOT AUTHORIZED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR
FOR DISSEMINATION IN THE UNITED STATES.
Nevoro Inc. (TSX:NVR) (the "Company") is pleased to announce
it has completed the first tranche of the previously announced private
placement financing and raised gross proceeds of $7.0 million through
the sale of 20,015,500 units priced at $0.35 per unit (the
"Offering"). The second tranche of the financing is expected
to close within the next 10 days. Approval of the financing was
received by a majority of the Company's shareholders (with written
evidence of such approval provided to the TSX).
Upon issuance, each unit will be immediately separated into one common
share of the Company and one half of one common share purchase warrant,
with each whole warrant enabling the holder to acquire one common share
of the Company at an exercise price of $0.50 for a period of two years
from the closing of the Offering. The Company plans to use the net
proceeds of the Offering for exploration and general corporate
purposes.
Thomas Weisel Partners Canada Inc. (as lead agent) and MGI Securities
Inc. acted as agents for the Offering (collectively the
"Agents") and received 1,283,892 broker warrants.
The common shares issuable pursuant to the Offering (on a fully-diluted
basis) total 31,307,141, representing 24.8% of the current issued and
outstanding common shares of the Company.
About Nevoro Inc.
Nevoro is a TSX-listed exploration and development company focused on
the discovery of precious and base metals in the western USA. In
addition to the purchase of Aurora and its Stillwater
PGE-nickel-copper-cobalt-chromite project in Montana, Nevoro intends to
acquire Sheffield Resources Ltd. and its Moonlight Copper Project.
Nevoro also holds 13 gold projects in Nevada and Idaho.
For more information, please visit the Nevoro Inc. website at www.nevoro.com.
CAUTIONARY STATEMENT: All statements, other than historical fact,
contained or incorporated by reference in this news release, including
any information as to the completion of the corporate transactions
described herein as well as the completion of the proposed financing
and terms thereof, constitute "forward looking statements"
within the meaning of certain securities laws, including the "safe
harbor" provisions of the Securities Act (Ontario) and are based
on expectations, estimates and projections as of the date of this news
release. Such "forward looking statements", reflects
management's current beliefs and is based on information currently
available to management of Nevoro. In some cases, forward-looking
information can be identified by terminology such as "may",
"will", "should", "expect",
"plan", "anticipate", "believe", "estimate",
"predict", "potential", "continue",
"intention" or the negative of these terms or other similar
expressions concerning matters that are not historical facts.
Forward-looking information involves significant risks and
uncertainties. A number of factors could cause actual events or results
to differ materially from the events and results discussed in the
forward-looking information including risks related to investments,
conditions of capital markets, economic conditions, dependence on key
personnel, interest rates, regulatory change and availability of future
financing. These factors should not be considered exhaustive. In
addition, in evaluating this information, investors should specifically
consider various factors, including risk factors, which may cause
actual events or results to differ materially from any forward-looking
statement. In formulating forward-looking information herein,
management has assumed that business and economic conditions affecting
Nevoro will continue substantially in the ordinary course, including
without limitation with respect to general levels of economic activity,
regulations, taxes, interest rates and that there will be no material
changes. Although the forward-looking information is based on what
management of Nevoro considers to be reasonable assumptions based on
information currently available to it, there can be no assurance that
actual events or results will be consistent with this forward-looking
information, and management's assumptions may prove to be incorrect.
This forward-looking information is made as of the date of this press release,
and Nevoro does not assume any obligation, except as required by law,
to update or revise them to reflect new events or circumstances. Undue
reliance should not be placed on forward-looking information.
|