Mr. Jason Cubitt reports

JAXON ANNOUNCES CONDITIONAL CLOSING OF NON-BROKERED PRIVATE PLACEMENT

Jaxon Minerals Inc. has received conditional approval from the TSX Venture Exchange for its non-brokered private placement previously announced on July 25, 2017. The conditional approval is for the issuance of 1,993,332 units at a price of 30 cents per unit for gross proceeds upon final approval of $598,000. The company will announce final approval if and when received with customary disclosure of hold periods and finders' fees.

As announced, the non-brokered private placement consists of the company issuing up to two million units at a price of 30 cents per unit for gross proceeds of up to $600,000. Each unit will comprise one common share and one-half common share purchase warrant. Each whole share purchase warrant will entitle the holder to purchase one common share at a revised 38 cents per share with an expiry date of two years from the closing of the private placement.

The private placement remains subject to final TSX Venture Exchange approval.