Jourdan Closes $750,000 Private Placement
TORONTO, Sept. 21, 2020 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSX-V: JOR) (“Jourdan” or the “Company”) is pleased to announce that it has closed its previously announced non-brokered private
placement financing of 50,000,000 units (each, a “Unit”) at a price of $0.015 per Unit for gross proceeds of $750,000 (the “Offering”). For more information about the Offering, please see the
Company’s press release dated August 10, 2020, which is available under the Company’s profile on SEDAR at www.sedar.com.
Pursuant to the Offering, each Unit consists of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant, entitling the holder to acquire one additional Common Share at an exercise price of $0.05 for a period of 24 months from issuance.
All securities issued in connection with the Offering will be subject to a statutory hold period of four-months and one day, expiring on January 22, 2021. Completion of the Offering is subject to receipt of final approval of the TSX Venture Exchange (“TSXV”). Finder’s fees were paid to PI Financial in accordance with the policies of the TSXV consisting of a cash commission equal to $50,505 and an issuance of 3,367,000 finder warrants (“Finder Warrants”). Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.05 per Common Share for a period of 24 months following the closing date of the Offering. The Company intends to use the proceeds of the Offering for general corporate purposes.
An insider of the Company subscribed for Units pursuant to the Offering (the “Insider Participation”). The Insider Participation is considered to be a “related party transaction” as defined under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The Company did not file a material change report more than 21 days before closing the Offering as the details of the abovementioned Insider Participation were not settled until shortly prior to closing, and the Company wished to close the Offering on an expedited basis.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol JOR on the TSX-V and 2JR1 on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company’s properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium’s producing Quebec Lithium Mine. This mine is part of Contemporary Amperex Technology Co. Limited (CATL), China’s largest automotive battery manufacturer.
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This press release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Offering, including the Company’s intended use of proceeds, receipt of final approval of the TSXV and other matters relating thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Jourdan to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future prices of mineral prices; accidents, labour disputes and shortages and other risks of the mining industry. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
NEITHER 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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