Owner
Post by Franko10 ™ on Sept 11, 2004 13:06:15 GMT -5
Private Placement
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March 18, 2004 -- JNR Resources Inc. (TSX.V: JNN) announces that the Company has negotiated, subject to TSX Venture Exchange acceptance, a private placement totalling $2,000,000. These funds will be raised by the Company issuing up to 4,000,000 shares at a price of $0.50 per share.
Toll Cross Securities Inc., of Toronto, Ontario, has been appointed as the Company's exclusive agent for the Offering, on a best efforts basis. The Company has agreed to pay Toll Cross a commission equal to 5% of the aggregate gross proceeds of the Offering, payable in cash at, and conditional on, closing of the Offering. The Offering is subject to an over-subscription option of 20% (800,000 shares; $400,000).
A portion of the net proceeds of this private placement will be used towards exploration on the Company's uranium properties located in Saskatchewan, and potential acquisition and exploration of one or more additional uranium properties, as currently under review. The balance of the net proceeds will be used for general working capital purposes.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
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March 18, 2004 -- JNR Resources Inc. (TSX.V: JNN) announces that the Company has negotiated, subject to TSX Venture Exchange acceptance, a private placement totalling $2,000,000. These funds will be raised by the Company issuing up to 4,000,000 shares at a price of $0.50 per share.
Toll Cross Securities Inc., of Toronto, Ontario, has been appointed as the Company's exclusive agent for the Offering, on a best efforts basis. The Company has agreed to pay Toll Cross a commission equal to 5% of the aggregate gross proceeds of the Offering, payable in cash at, and conditional on, closing of the Offering. The Offering is subject to an over-subscription option of 20% (800,000 shares; $400,000).
A portion of the net proceeds of this private placement will be used towards exploration on the Company's uranium properties located in Saskatchewan, and potential acquisition and exploration of one or more additional uranium properties, as currently under review. The balance of the net proceeds will be used for general working capital purposes.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.
