Owner
Post by Franko10 ™ on Oct 12, 2004 11:15:08 GMT -5
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 26, 1996--JNR RESOURCES INC. (VcSE:JNN) Mr. Dale W. Hoffman, president of JNR Resources Inc. (the "Company"), wishes to report that the Company has negotiated, subject to regulatory approval, a $500,000 private placement of 746,269 units at a price of $0.67 per unit.
Each unit will be comprised of one common share and one share purchase warrant, each warrant entitling the holder to purchase an additional common share for a period of two years, at $0.67 in the first year and at $0.77 in the second year. Of the common shares issued, 60 percent will be designated as flow-through shares. As well, the warrants will provide that up to 60 percent of shares issued upon the exercise of warrants will be designated as flow-through shares.
The proceeds will be utilized, as to 60 percent, to finance continued exploration of the northeastern Ontario diamond project properties in which the Company has the right to earn a 50 percent interest, pursuant to the August 15, 1995 option agreement with Consolidated Pine Channel Gold Corp. The 40 percent balance of the proceeds will be utilized for general corporate purposes. -0- JNR RESOURCES INC. Dale W. Hoffman, President -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: JNR Resources Inc.
Dale W. Hoffman
604/687-2144
or
604/684-5118
604/682-8566 (Fax)
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
Each unit will be comprised of one common share and one share purchase warrant, each warrant entitling the holder to purchase an additional common share for a period of two years, at $0.67 in the first year and at $0.77 in the second year. Of the common shares issued, 60 percent will be designated as flow-through shares. As well, the warrants will provide that up to 60 percent of shares issued upon the exercise of warrants will be designated as flow-through shares.
The proceeds will be utilized, as to 60 percent, to finance continued exploration of the northeastern Ontario diamond project properties in which the Company has the right to earn a 50 percent interest, pursuant to the August 15, 1995 option agreement with Consolidated Pine Channel Gold Corp. The 40 percent balance of the proceeds will be utilized for general corporate purposes. -0- JNR RESOURCES INC. Dale W. Hoffman, President -0- The Vancouver Stock Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of the content of this News Release.
CONTACT: JNR Resources Inc.
Dale W. Hoffman
604/687-2144
or
604/684-5118
604/682-8566 (Fax)
COPYRIGHT 1996 Business Wire
COPYRIGHT 2004 Gale Group
