|October 31, 2016|
Napier Ventures Increases Financing to $1,500,000 and Corporate Update
|VANCOUVER, BRITISH COLUMBIA (October 31, 2016) -- Napier Ventures Inc. (TSX.V: NAP) ("Napier" or the"Company") today announces an update to its non-brokered private placement financing announced on April 21, 2016. The Company has increased the financing to up to 6,000,000 common shares ("Shares") at a price of $0.25 per Share for aggregate gross proceeds of up to $1,500,000 (the "Private Placement"). The proceeds of the Private Placement will be used to fund the Company's exploration activities upon completion of its previously announced acquisition of the Emerald Isle Property in Mohave County, Arizona (the "Emerald Isle Transaction").|
In addition, the proceeds will be used to fund certain expenses incurred in connection with Emerald Isle Transaction and for working capital purposes. Completion of the Private Placement is subject to approval of the TSX Venture Exchange ("TSXV"). Certain finders may receive a fee, payable in cash or Shares, upon completion of the Private Placement. An initial tranche of the Private Placement is expected to close shortly.
The Company wishes to provide an update with respect to the Emerald Isle Transaction. The Company has received conditional approval from the TSXV and continues to work to satisfy the conditions of the TSXV. Completion of the Private Placement is expected to provide the Company with sufficient working capital to meet exploration and working capital requirements. Napier advises that the vendor of the Emerald Isle Property continues to assert its rights in respect of the mining claim dispute relating to the property and is in advanced
discussions to settle outstanding litigation.
About Napier Ventures
Listed on the TSX Venture Exchange (TSX.V: NAP), Napier Ventures Inc. is a Vancouver based, junior mineral exploration Company managed by a team of professionals with extensive experience in mining exploration, finance and law. Management is dedicated to advancing the Company and increasing shareholder value by engaging in the search for value-adding mineral deposits through exploration and/or acquisition, as well as other resource opportunities as they may arise.
On behalf of the board of
NAPIER VENTURES INC.
Per: "Michael Raftery"
Chief Financial Officer and Director
For More Information Contact:
Safe Harbour for Forward-Looking Information: This press release may contain forward-looking information based
on management's expectations, estimates and projections. All statements that address expectations or
projections about the future, including statements about the completion of the Private Placement, the completion of the Emerald Isle Transaction, contemplated approvals of the TSXV. These statements are not a guarantee of future performance and involve a number of risks, uncertainties and assumptions. Although the Company has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company assumes no obligation to update forward-looking information except as required by law.
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.
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