TORONTO, Dec. 15 /CNW/ - RJK Explorations Ltd. (TSX Venture: RJX.A)
("RJK" or the "Company") is pleased to announce the closing of the
first tranche (the "First Tranche") of its previously announced
non-brokered private placement of up to 8,571,428 units of securities
(each, a "Unit") at a price of $0.07 per Unit (see the Company's news
release dated December 6, 2010) (the "Offering"). 5,000,000 Units were
sold under the First Tranche, raising gross proceeds of $350,000. Each
Unit consists of one Class A subordinate voting share of the Company
(each, a "Share") and one warrant. Each warrant entitles the holder to
purchase one Share at a price of $0.15 for a 24-month period, subject
to acceleration of the expiry date upon twenty days' notice by RJK in
certain circumstances. It is anticipated that a second closing of the
Offering (the "Second Closing") will take place on or before December
The proceeds raised from the issuance of the Units are expected to be
used to fund exploration work on the Company's mineral properties and
for general corporate purposes.
The securities issued under the First Tranche are subject to a hold
period expiring on April 16, 2011.
This news release contains forward-looking information which is not
comprised of historical facts. Forward-looking information involves
risks, uncertainties and other factors that could cause actual events,
results, performance, prospects and opportunities to differ materially
from those expressed or implied by such forward-looking information.
Forward-looking information in this news release includes, but is not
limited to, the completion of the Second Closing and the timing related
thereto and the Company's anticipated use of proceeds from the
Offering. Factors that could cause actual results to differ materially
from such forward-looking information include, but are not limited to,
failure to obtain final TSX Venture Exchange approval of the Offering,
general business and economic uncertainties, future mineral prices and
adverse market conditions, as well as those risks set out in the
Company's public documents filed on SEDAR. Although the Company
believes that the assumptions and factors used in preparing the
forward-looking information in this news release are reasonable, undue
reliance should not be placed on such information, which only applies
as of the date of this news release, and no assurance can be given that
such events will occur. The Company disclaims any intention or
obligation to update or revise any forward-looking information, whether
as a result of new information, future events or otherwise, other than
as required by law.
NEITHER THE 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 RJK Explorations Ltd.
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