02:52:26 EDT Fri 29 Mar 2024
Enter Symbol
or Name
USA
CA



Jaxon Minerals Inc (2)
Symbol JAX
Shares Issued 29,342,195
Close 2017-04-21 C$ 0.09
Market Cap C$ 2,640,798
Recent Sedar Documents

Jaxon Minerals closes $592,420 private placement

2017-04-21 18:15 ET - News Release

Mr. Jason Cubitt reports

JAXON ANNOUNCES CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Jaxon Minerals Inc. has closed its non-brokered private placement previously announced on March 14, 2017, with the issuance of a total of 8,463,144 units at a price of seven cents per unit for gross proceeds of $592,420.

As announced, each unit consists of one common share of the company at seven cents 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.

Two insiders of the company participated in the private placement and subscribed for 2.1 million units for proceeds of $147,000. Participation of the insiders of the company in the private placement constitutes a related party transaction as defined under Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions. Because the company's shares trade only on the TSX Venture Exchange, the issuance of securities is exempt from the formal valuation requirements of Section 5.4 of MI 61-101 pursuant to Subsection 5.5(b) of MI 61-101 and exempt from the minority approval requirements of Section 5.6 of MI 61-101. The company did not file a material change report 21 days prior to the closing of the private placement as the details of the participation of insiders of the company had not been confirmed at that time.

In connection with the private placement, the company paid finders' fees to arm's-length third parties consisting of $27,681.61 in cash, 268,000 brokers' warrants and 127,452 option certificates (option to acquire up an additional 127,452 units under the same terms of the original private placement at seven 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.

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