Owner
Post by Franko10 ™ on Sept 11, 2004 12:21:41 GMT -5
Private Placement
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Dale W. Hoffman, the President of JNR Resources Inc. (the "Company"), announces that the Company has negotiated a private placement agreement ("Agreement") with Kennecott Canada Exploration Inc. ("Kennecott") involving a $500,000 private placement consisting of 2,500,000 units (the "Units") at a price of $0.20 per Unit. Each Unit will be comprised of one common share and one-half of a non-transferable share purchase warrant (a "Warrant"), in the capital stock of the Company. Each full Warrant may be exercised to purchase one common share, at a price of $0.30 per share, for two years following the date of closing.
The common shares and any shares issued on the exercise of the Warrants forming a part of the Units will be subject to a "hold period" of four months from the date of closing.
Under the terms of the Agreement, the proceeds of the private placement will be used exclusively to fund staking or other acquisition and further exploration work on the Company's Saskatchewan Uranium Project, located in the Athabasca Basin region of north-central Saskatchewan, which is operated under a strategic alliance between the Company and Kennecott. As well, the Company has undertaken to use its best efforts to raise a further $500,000 in exploration capital to be utilized for exploration on the project during 2000.
The Agreement also provides that all property within the Athabasca Basin acquired by the alliance subsequent to August 31, 1999, will be held by both companies on a 50/50 basis, and will be subject to a joint venture agreement between them.
The private placement transaction is subject to acceptance by the Canadian Venture Exchange and any other regulatory authority having jurisdiction, and to the signing of a definitive joint venture agreement.
JNR RESOURCES INC.
Per:
Dale W. Hoffman, President
The Athabasca basin in northern Saskatchewan is recognized as the most prospective uranium mining district in the world. JNR believes that its uranium prospect properties in this basin, 64 claims totaling in excess of 600,000 acres, potentially host world class deposits. JNR's strategic partner, Kennecott Canada Exploration Inc. is a wholly-owned subsidiary of Rio Tinto PLC, the largest mining company in the world and a major producer of uranium.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
Contact: Dale W. Hoffman, President
Telephone: (604) 684-5118 Toll Free: 1-800-661-4050
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Dale W. Hoffman, the President of JNR Resources Inc. (the "Company"), announces that the Company has negotiated a private placement agreement ("Agreement") with Kennecott Canada Exploration Inc. ("Kennecott") involving a $500,000 private placement consisting of 2,500,000 units (the "Units") at a price of $0.20 per Unit. Each Unit will be comprised of one common share and one-half of a non-transferable share purchase warrant (a "Warrant"), in the capital stock of the Company. Each full Warrant may be exercised to purchase one common share, at a price of $0.30 per share, for two years following the date of closing.
The common shares and any shares issued on the exercise of the Warrants forming a part of the Units will be subject to a "hold period" of four months from the date of closing.
Under the terms of the Agreement, the proceeds of the private placement will be used exclusively to fund staking or other acquisition and further exploration work on the Company's Saskatchewan Uranium Project, located in the Athabasca Basin region of north-central Saskatchewan, which is operated under a strategic alliance between the Company and Kennecott. As well, the Company has undertaken to use its best efforts to raise a further $500,000 in exploration capital to be utilized for exploration on the project during 2000.
The Agreement also provides that all property within the Athabasca Basin acquired by the alliance subsequent to August 31, 1999, will be held by both companies on a 50/50 basis, and will be subject to a joint venture agreement between them.
The private placement transaction is subject to acceptance by the Canadian Venture Exchange and any other regulatory authority having jurisdiction, and to the signing of a definitive joint venture agreement.
JNR RESOURCES INC.
Per:
Dale W. Hoffman, President
The Athabasca basin in northern Saskatchewan is recognized as the most prospective uranium mining district in the world. JNR believes that its uranium prospect properties in this basin, 64 claims totaling in excess of 600,000 acres, potentially host world class deposits. JNR's strategic partner, Kennecott Canada Exploration Inc. is a wholly-owned subsidiary of Rio Tinto PLC, the largest mining company in the world and a major producer of uranium.
The Canadian Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
Contact: Dale W. Hoffman, President
Telephone: (604) 684-5118 Toll Free: 1-800-661-4050
