Jourdan Closes Private Placement Financing

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

TORONTO, Nov. 25, 2021 (GLOBE NEWSWIRE) -- Jourdan Resources Inc. (TSX-V: JOR) (“Jourdan” or the “Company”) is pleased to announce that it has closed its non-brokered private placement financing for gross proceeds of $455,000 (the “Offering”). For more information about the Offering, please see the Company’s press release dated October 15, 2021, which is available under the Company’s profile on SEDAR at www.sedar.com.

Pursuant to the Offering, Jourdan issued 9,100,000 units (each, a “Unit”) at a price of $0.05 per Unit. Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant entitles the holder to acquire one additional common share of the Company at an exercise price of $0.07 until November 25, 2023.

All securities issued in connection with the Offering are subject to a statutory hold period expiring on March 26, 2022. Completion of the Offering is subject to receipt of final approval of the TSX Venture Exchange (“TSXV”). Finder’s fees were paid in accordance with the policies of the TSXV to Hampton Securities consisting of a cash commission equal to $400 and an issuance of 8,000 finder warrants (“Finder Warrants”) and to Leede Jones Gable consisting of a cash commission equal to $1,200 and an issuance of 24,000 Finder Warrants. Each Finder Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.07 per share until November 25, 2023. The Company intends to use the net proceeds of the Offering for working capital and general corporate purposes.

Insiders 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.