Mr. Rick Kusmirski reports
JNR ANNOUNCES $3.0 MILLION FINANCING
JNR Resources Inc. has entered into an agreement
with Toll Cross Securities Inc. to complete a private
placement financing, on a commercially reasonable
efforts agency basis, for the issuance of up to 34,615,384 flow-through
common shares at a price of 6.5 cents per
flow-through share for gross proceeds of approximately $2.25-million and
13,636,364 units at 5.5 cents per unit for gross proceeds of $750,000.
Each unit will consist of one common share and one-half of one common
share purchase warrant. Each full warrant is exercisable for 18 months
from closing into one common share at 10 cents per share. In addition, the
agent has been granted the option to sell an equivalent dollar value of
units in lieu of flow-through shares and can increase the size of the
offering by approximately $450,000 (15 per cent).
JNR will ensure that gross proceeds from the sale of the flow-through
shares will be used to incur Canadian exploration expenses for the
purposes of the Income Tax Act (Canada). The net proceeds from the
sale of the units will be used to finance exploration efforts on JNR's
properties and for general working capital purposes. All securities
issued in connection with the offering will be subject to a four-month
hold period. The offering is scheduled to close on or about Nov.
23, 2012, and is subject to regulatory approval.
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