RJK ANNOUNCES FIRST CLOSING OF PRIVATE PLACEMENT FINANCING RAISING $350,000

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 31, 2010.

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.

Forward-Looking Information

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.

For further information: For further information:

Glenn Kasner, President Vancouver Office: James
Telephone: (705) 567-5351 Telephone: (604) 565-5967
Mobile: (705) 568-7567 james@rjkexplorations.com
kasner1@ntl.aibn.com

Organization Profile

RJK Explorations Ltd.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890