Navy Resources Corp. (TSX-V: NVY) (the “Company”) is pleased to announce a non-brokered private placement (the “Offering") for up to $2,000,000. Pursuant to the Offering, if fully subscribed to, the Company will issue 10,000,000 common shares at a price of $0.20 per common share, for gross proceeds of $2,000,000.
Further to the above, the Company announces that its previously announced non-brokered private placement for up to $1,105,000 whereby the Company would issue 6,500,000 common shares at a price of $0.17 per common share for gross proceeds of $1,105,000 has been cancelled and replaced by the new Offering.
The proceeds of the Offering are for the Company's general working capital, to fund the investigation of additional potential acquisitions and to fund exploration activities on its current portfolio.
All securities will be subject to a four-month hold period from the closing date. The Offering is subject to TSX Venture Exchange approval.
On behalf of the Board of Directors,
CFO and Director
Neither 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.