Jaxon Mining Inc. (TSX-V: JAX) (FSE: OU31) (OTC: JXMNF) is pleased to announce that, further to its news release of September 21, 2018, the Company has expanded its proposed private placement in response to an increase in investor interest and will now raise gross proceeds of up to $2,000,000. The Company proposes to raise up to $1,000,000 through the sale of up to 8,333,333 non flow-through units priced at $0.12 and up to $1,000,000 through the sale of up to 6,666,666 flow-through units priced at $0.15. Each NFT Unit consists of one common share and one half of a share purchase warrant, with each whole Warrant exercisable into one further common share at a price of $0.20 for a term of two years. Each FT Unit consists of one flow-through common share and one half of a share purchase warrant, with each whole Warrant exercisable into one further common share at a price of $0.24 for a term of two years.
The proceeds from the sale of the flow-through portion of the Offering will be used for advancement of the Company’s 100% optioned Hazelton property in north-central British Columbia. The proceeds from the sale of the non flow-through portion will be used for general working capital.
A finder’s fee commensurate with TSX Venture Exchange policies may be payable on a portion of the Offering. The Offering is subject to Board approval and the acceptance of the TSXV.
The Company is pleased to announce that it has closed the first tranche of the Offering to raise gross proceeds of $525,120 through the sale of 4,376,000 NFT units priced at $0.12. All securities issued in the first tranche are subject to a hold period expiring February 4, 2019.
About Jaxon Mining Inc.
Jaxon is a precious and base metals exploration company with a regional focus on Western Canada. The Company is currently focused on advancing its Hazelton Project in north-central British Columbia and the More Creek Project (consolidating the Wishbone and Foremore properties) in British Columbia’s Golden Triangle.
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