Mr. David Eaton reports
JAYDEN RESOURCES COMPLETES RIGHTS OFFERING
Jayden Resources Inc., further to its press releases dated Aug. 30, 2013, and Oct. 25, 2013, has completed its previously announced rights offering.
Pursuant to the rights offering, Jayden will issue in total 25,139,641 ordinary shares at a subscription price of 10 cents per ordinary share, providing gross proceeds of $2,513,964. The company's total issued and outstanding ordinary shares will increase to 50,279,282.
As described in the prospectus for the rights offering, Gather Success Holdings Ltd. agreed to purchase from the company at the subscription price any ordinary shares that were not otherwise subscribed for under the rights offering. Gather Success purchased a total of 4,687,364 standby ordinary shares for $468,736. In consideration for Gather Success agreeing to subscribe for the standby ordinary shares, Gather Success will be issued an additional 2,513,964 ordinary shares, which is equal to 10 per cent of the number of rights offered pursuant to the rights offering. Because Gather Success is a company controlled by Letty Wan, the chief executive officer and a director of the company, pursuant to the policies of the Toronto Stock Exchange, disinterested shareholder approval will be required at the company's next annual general meeting for approval of the issuance of the standby guarantor shares. In the event that such disinterested shareholder approval is not obtained, Gather Success will be entitled to a cash fee equal to $251,396.
We seek Safe Harbor.
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