Mr. Jason Cubitt reports

JAXON ANNOUNCES COLSING OF FIRST TRANCHE OF NON-BROKERED PRIVATE PLACEMENT

Jaxon Minerals Inc. has closed its first tranche of its non-brokered private placement previously announced on March 14, 2017. The first-tranche closing consisted of the issuance of a total of 3,115,000 units at a price of seven cents per unit for gross proceeds of $218,050.

As announced, the non-brokered private placement consists of the company issuing up to eight million units at a price of seven cents per unit. Each unit consists of one common share of the company and one common share purchase warrant entitling the holder to acquire an additional common share of the company for a period of 24 months following the closing date at an exercise price of 12 cents per warrant share.

In connection with the offering, the company may pay finders' fees to arm's-length third parties consisting of: (i) cash commission of up to 8 per cent of the gross proceeds of the offering; and (ii) 8 per cent in option certificates or broker warrants. The option entitles the holder to purchase units at seven cents. Each unit is composed of one common share at seven cents and one share purchase warrant at 12 cents and will expire 24 months from the date of issue. Each broker warrant will expire 24 months from the date of issue and will entitle the holder to purchase one common share of the company at a price of 12 cents.

The securities issued in the private placement will be subject to a hold period of four months plus one day following the issue date, under applicable Canadian securities legislation.