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Jourdan Announces $500,000 Private Placement; Completes Drilling Program

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, Oct. 15, 2021 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSXV: JOR; OTCQB: JORFF) (“Jourdan” or the “Company”) announces that it intends to complete a best efforts non-brokered private placement financing of up to 10,000,000 units (each, a “Unit”) at a price of $0.05 per Unit for gross proceeds of up to $500,000 (the “Offering”). Each Unit will consist of one common share of the Company (each, a “Common Share”) and one-half of one Common Share purchase warrant (each whole warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share at an exercise price of $0.07 for a period of 24 months from issuance.

Closing of the Offering is expected to occur on or about October 31, 2021. All securities issued in connection with the Offering will be subject to a statutory hold period of four months and one day. Completion of the Offering is subject to a number of conditions, including without limitation, receipt of TSX Venture Exchange (“TSXV”) approval. Finder’s fees may be paid to eligible finders in accordance with the policies of the TSXV consisting of a cash commission equal to up to 8% of the gross proceeds raised under the Offering and finder warrants (“Finder Warrants”) in an amount equal to up to 8% of the number of Units sold pursuant to the Offering. Each Finder Warrant will entitle the holder thereof to purchase one Common Share at a price of $0.07 per Common Share for a period of 24 months following the closing date of the Offering. The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

The Company is also pleased to announce that it has completed its previously announced diamond drilling program, with 1,682 meters of drilling completed. For more information, please see the Company’s press release dated September 16, 2021, which is available under the Company’s SEDAR profile at www.sedar.com. The Company awaits the assay results from the program in which every hole showed multiple intersections of spodumene-bearing pegmatite. These results are expected in early November 2021.

Qualified Person

The scientific and technical information contained herein has been reviewed and approved by Alexandr Beloborodov, P.Geo., an independent consultant that is a “qualified person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

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16.10.2021, 02:00  |  104   |   |   

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Jourdan Announces $500,000 Private Placement; Completes Drilling Program NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES TORONTO, Oct. 15, 2021 (GLOBE NEWSWIRE) - Jourdan Resources Inc. (TSXV: JOR; OTCQB: JORFF) (“Jourdan” or the “Company”) announces that it intends to …

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