Jiminex Inc. closes private placement for gross proceeds of $1.65 million

PASS LAKE, ON, Dec. 23 /CNW/ - Further to its news releases of November 25 and December 11, 2009, Jiminex Inc. (the "Company") is very pleased to announce that it has completed the final closing of a brokered private placement financing of flow-through and non flow-through units (the "Offering") led by Northern Securities Inc. ("Northern").

The Company today issued 5,657,599 flow-through units (the "FT Units") at a price of $0.15 per FT Unit for gross proceeds of $848,639.85 and 2,730,267 non flow-through units (the "NFT Units) at a price of $0.12 per NFT Unit for gross proceeds of $327,632.04. Combined with proceeds of $480,000 raised from an early closing of 3,200,000 FT Units with MineralFields Group announced on December 11, 2009, the Company raised total gross proceeds of $1,656,271.89 under the Offering.

Each FT Unit consists of one flow-through common share of the Company and one transferable common share purchase warrant (a "Warrant"). Each NFT Unit consists of one common share of the Company and a Warrant. Each Warrant may be exercised for one (1) common share of the Company at a price of $0.20 per share until December 23, 2011.

The Company intends to use the gross proceeds from the sale of the FT Units for Canadian Exploration Expenses ("CEE") within the meaning of the Income Tax Act (Canada) ("ITA"). The Company will use its best efforts to ensure that such CEE qualifies as "flow-through mining expenditures" for the purpose of the ITA. The CEE is also expected to qualify for the 15% Federal tax credit available to individual residents in Canada. The Company intends to renounce CEE in favour of purchasers of the FT Units as of December 31, 2009.

As compensation for acting as lead agent on the Offering, Northern has been paid a cash commission of $117,627.19 and has been issued 838,787 Broker Warrants. Each Broker Warrant entitles the holder to acquire one NFT Unit at a price of $0.12 per NFT Unit until December 23, 2011.

All securities issued today are subject to a 4-month hold period expiring on April 24, 2010.

The proceeds from the Offering will be used for continued exploration and development activities on the Company's properties including the Parres Property, which is located near the new major Lalor Lake copper-zinc and gold deposit discovery of HudBay Minerals Inc. in the Snow Lake mining area of Manitoba, the Misehkow River Gold Property located in the Pickle Lake gold area of Ontario and the Northern Eagle gold property located in the Hemlo gold mining area of Ontario.

FORWARD-LOOKING STATEMENTS

This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

SOURCE JIMINEX INC.

For further information: For further information: please contact James R.B., Parres, President and Chief Executive Officer of Jiminex Inc., Phone: (807) 977-1679, E-mail: jiminex@xplornet.com, Website: http://www.jiminex.com

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JIMINEX INC.

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