Jade Leader Closes Final Tranche of Private Placement and Completes Summer Field Program

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CALGARY, AB / ACCESSWIRE / September 10, 2024 / Jade Leader Corp. (TSXV:JADE) ("Jade Leader" or "the Company") has closed the final tranche of its private placement raising total gross proceeds of $160,000.

The final tranche consisted of 500,000 Units at a price of $0.05 per Unit or $25,000. Each Unit consists of one common share and a half common share purchase warrant. Each full common share purchase warrant (a "Warrant") entitles the holder to purchase one half of an additional common share at a price of $0.10 per share until September 9, 2027.

The Warrants also include an acceleration clause, whereby following the date that is 6 months from closing, in the event the closing price of the Common Shares on the TSX Venture Exchange exceeds $0.25 or more for ten consecutive trading dates (the "Premium Trading Days") the term of the Warrants will be reduced to 30 days (the "Reduced Term"). The Reduced Term commences on the third business day after the tenth Premium Trading Day.

All securities issued in connection with this tranche of the Offering will be subject to a four month hold period or January 9, 2025. No finder's fees were paid in connection with the Offering.

In connection with this closing insiders purchased a total of 500,000 Units for a total of 700,000 Units under the Private Placement. The participation of those individuals constitutes a "related party transaction" within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument MI 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") adopted in the Policy. The Company will rely on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Placement will not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.

Proceeds of the financing are to be used for working capital, general corporate purposes as well as additional Jade exploration and Jade marketing activities.

Field Program
Following our previous release of August 22, 2024, a two week program of focused sampling on Jade Leader's multiple properties and targets in Wyoming was completed. The program generated over 67 kilos of jade and associated materials (including occasional embedded quartz crystals, and in some cases associated wall rock host), the first 56 kilos of which the Company has started processing for quality, color and grain determination and classification into marketing samples, specimens or rough gem product listed for sales. Updates will be prepared as material is being processed and photographed for marketing purposes.