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     387  0 Kommentare James Bay Resources Announces Closing of Second Tranche of Offering

    TORONTO, ONTARIO--(Marketwired - May 29, 2015) -

    NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.

    James Bay Resources Limited ("James Bay" or the "Company") (CSE:JBR) announced that it has raised gross proceeds of $1.325 million by way of a non-brokered private placement (the "Offering") of an aggregate principal amount of $1.325 million of unsecured convertible debentures (the "Debentures"). The Offering is the second tranche of the Company's ongoing financing for gross proceeds to date of $2.925 million, as previously announced in its press releases dated April 16 and 30, 2015. A final tranche for the remaining $75,000 is expected to close in the first week of June. Net proceeds from the Offering will be used to fund the Company's working capital needs, including in particular any litigation issues stemming from the Company's enforcement of its right to acquire a 45% participating interest in OML 25 in Nigeria (the "Litigation"), as further disclosed in the Company's news releases dated March 9, 2015 and January 26, 2015.

    Each Debenture bears interest at a rate of 15%, payable semi-annually, and has a maturity date that is three years following the date the Debenture is issued (the "Maturity Date"). However, if the Litigation is settled or is subject to a final decision with funds received by the Company prior to the Maturity Date, the purchasers of Debentures under the Ongoing Financing, including the purchasers of Debentures under the Offering (the "Holders"), will have a right to demand payment in full of all amounts owing. In the event that the Company would be left with less than $1 million dollars in free cash upon such a demand occurring, the amount payable to each Holder shall be reduced pro-rata to ensure that the Company retains $1 million in free cash.

    The Debentures are convertible, in whole or in part, at the option of the Holders, into common shares of the Company (each a "Common Share") at a conversion price of C$0.17 per Common Share (the "Conversion Rate"). Interest may also be converted into Common Shares at the market price at the date of any such conversion, at the option of the Holders. Any conversion of Debentures and interest accrued on the Debentures into Common Shares of the Company will be subject to receipt of all required approvals by the Company. The Debentures may be prepaid by the Company at any time, without penalty, on at least 15 days' notice to the Holders.

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    James Bay Resources Announces Closing of Second Tranche of Offering TORONTO, ONTARIO--(Marketwired - May 29, 2015) - NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S. James Bay Resources Limited ("James Bay" or the "Company") (CSE:JBR) announced that it has raised …