Mr. John Burns reports
JAXON MINING INC. CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT AND EXPANDS OFFERING
Further to its news release of Sept. 21, 2018, Jaxon Mining Inc. has expanded its proposed private placement in response to an increase in investor interest and will now raise gross proceeds of up to $2-million. The company proposes to raise up to $1-million through the sale of up to 8,333,333 non-flow-through units priced at 12 cents and up to $1-million through the sale of up to 6,666,666 flow-through units priced at 15 cents. Each NFT unit consists of one common share and one-half of a share purchase warrant, with each whole warrant exercisable into one further common share at a price of 20 cents for a term of two years. Each FT unit consists of one flow-through common share and one-half of a share purchase warrant, with each whole warrant exercisable into one further common share at a price of 24 cents for a term of two years.
The proceeds from the sale of the flow-through portion of the offering will be used for advancement of the company's 100-per-cent-optioned Hazelton property in north-central British Columbia. The proceeds from the sale of the non flow-through portion will be used for general working capital.
A finder's fee commensurate with TSX Venture Exchange policies may be payable on a portion of the offering. The offering is subject to board approval and the acceptance of the TSX-V.
The company is pleased to announce that it has closed the first tranche of the offering to raise gross proceeds of $525,120 through the sale of 4,376,000 NFT units priced at 12 cents. All securities issued in the first tranche are subject to a hold period expiring Feb. 4, 2019.
About Jaxon Mining Inc.
Jaxon Mining is a precious metal and base metal exploration company with a regional focus on Western Canada. The company is currently focused on advancing its Hazelton project in north-central British Columbia and the More Creek project (consolidating the Wishbone and Foremore properties) in British Columbia's Golden Triangle.
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