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JAG - TSX/NYSE Arca
CONCORD, NH, Feb. 21 /CNW/ - Jaguar Mining Inc. ("Jaguar" or "the
Company") (JAG: TSX/NYSE Arca, JAG.NT: TSX) has closed its previously
announced public offering of common shares (the "Common Shares"). The offering
was underwritten by a syndicate of underwriters led by RBC Capital Markets.
Jaguar issued 8,250,000 Common Shares at Cdn$13.40 per Common Share for gross
proceeds of Cdn$110,550,000. Jaguar has granted the underwriters an option,
exercisable in whole or in part, up to 30 days following the closing to
increase the offering by up to 1,237,500 Common Shares at a price of Cdn$13.40
per Common Share, which would increase the aggregate size of the offering to
Cdn$127,132,500 if the option is fully exercised.
Jaguar intends to use the net proceeds of the offering to primarily fund
capital expenditures for exploration and expansions at its three largest
projects in Brazil, to eliminate forward sales contracts and project financing
term debt and for general corporate purposes.
Daniel Titcomb, Jaguar's President and CEO stated, "We believe this
transaction will help us pursue our strategy of becoming a mid-sized gold
producer with production of approximately 700,000 oz by 2014."
The securities have not been registered under the U.S. Securities Act of
1933, as amended, and may not be offered or sold in the United States absent
registration or any applicable exemption from the registration requirements.
This press release does not constitute an offer to sell or the solicitation of
an offer to buy nor will there be any sale of the securities in any state in
which such offer, solicitation or sale would be unlawful.
Jaguar is one of the fastest growing gold producers in Brazil with
operations in a prolific greenstone belt in the state of Minas Gerais. Jaguar
is actively exploring and developing additional mineral resources at its
72,000 acre land base in Minas Gerais and on an additional 159,000 acres in
the state of Ceara in the Northeast of Brazil through a joint venture.
Additional information is available on the Company's website at
Forward Looking Statements
This press release contains forward-looking statements regarding the use
of proceeds of the offering and Jaguar's belief about pursuing future gold
production targets, neither of which are historical facts. These
forward-looking statements can be identified in this press release by the use
of the words "believe", "will" and "intends". Forward looking statements are
necessarily based upon a number of estimates and assumptions that, while
considered reasonable at the time made, are inherently subject to significant
business, economic, political and competitive uncertainties and contingencies.
Readers are cautioned that such forward-looking statements involve known and
unknown risks, uncertainties and other factors, such as that may cause the
actual use of proceeds or production results to be materially different from
those currently estimated or anticipated. These factors include the inherent
risks involved in the exploration and development of mineral properties, the
uncertainties involved in interpreting drilling results and other geological
data, fluctuating gold prices and monetary exchange rates, the possibility of
project cost delays and overruns or unanticipated costs and expenses,
uncertainties relating to the availability and costs of financing needed in
the future, uncertainties related to production rates, timing of production
and the cash and total costs of production, changes in applicable laws
including laws related to mining development, environmental protection, and
the protection of the health and safety of mine workers, the availability of
labor and equipment, the possibility of labor strikes and work stoppages and
changes in general economic conditions.
These forward-looking statements represent the Company's views as of the
date hereof. The Company does not undertake to update any of these
forward-looking statements, either written or oral, subsequent to the date of
this press release.
For further information:
For further information: Investors and analysts: Bob Zwerneman, Director
of Investor Relations, (603) 224-4800, firstname.lastname@example.org; Media inquiries:
Valéria Rezende DioDato, Director of Communication, (603) 224-4800,