LAVAL, QUEBEC--(Marketwire - July 30, 2010) - NQ Exploration Inc. (TSX VENTURE:NQE) is pleased to announce a first closing on 46 flow-though units at $1,000 per unit for gross proceeds of $46,000. Each unit consists of 6,666 flow-through shares priced at $0.12 per share and 2,000 common shares of the Company priced at $0.10 per share, as well as 1,000 warrants. Each warrant entitles its holder to purchase one common share of the Company at $0.125 for a 24-month period following the closing.
Negotiations for the sale of the balance of the private placement are ongoing.
The Company paid intermediary fees of $3,680 under the private placement. All securities issued pursuant to the private placement are subject to a hold period of four months following the closing date of the private placement.
Proceeds of the private placement will be used for working capital purposes and for exploration expenses on the Company's current projects.
ABOUT NQ EXPLORATION INC.
NQ Exploration Inc. is a mining exploration company with a solid portfolio of 16 mining properties in the James Bay and Abitibi regions of Quebec. NQ Exploration Inc. is betting on Quebec's excellent mineral potential and favourable investment climate to produce new world-class gold, base metal and uranium deposits.
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.