JNR Announces $3.0 Million Financing
/NOT FOR DISSEMINATION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
TSXV:JNN
Email:Â info@jnrresources.com
Website:Â www.jnrresources.com
SASKATOON, SK, Nov. 5, 2012 /CNW/ - JNR Resources Inc. (TSXV:JNN) ("JNR") is pleased to announce that it has entered into an agreement
with Toll Cross Securities Inc. (the "Agent") to complete a private
placement financing (the "Offering"), on a commercially reasonable
efforts agency basis, for the issue of up to 34,615,384 flow-through
common shares ("Flow-Through Shares") at a price of $0.065 per
Flow-Through Share for gross proceeds of approximately $2,250,000, and
13,636,364 units at $0.055 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 $0.10 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%).
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 fund 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 November
23, 2012 and is subject to regulatory approval.
The securities being offered have not been registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in
the United States in the absence of registration or an applicable
exemption from the registration requirements. This press release does
not constitute an offer to sell or the solicitation of an offer to
purchase securities in the United States.
JNR is a junior resource company currently engaged in the exploration
and development of mineral properties in the provinces of Saskatchewan
and Newfoundland. The company has a varied interest in several
prospective uranium properties in the Athabasca Basin of northern
Saskatchewan that have been and will continue to be the focal point of
JNR's exploration efforts.
ON BEHALF OF THE BOARD
Rick Kusmirski
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
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SOURCE: JNR Resources Inc.
For further information: Contact JNR Resources at 306.382.2211 or 877.567.6463