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.