VANCOUVER, Dec. 29 /CNW/ - Jaxon Minerals Inc. (the "Company") (TSX-V:
JAX), has closed the non-brokered private placement announced on
December 10, 2010. The Company will issue 3,075,000 units at $0.20 per
unit to raise gross proceeds of $615,000. Each unit will be comprised
of one common share and one-half common share purchase warrant. Each
full common share purchase warrant will entitle the holder to purchase
one additional common share at $0.25 per share until December 24, 2012;
provided however that should the closing price of the Company's shares
on the TSX-V be at least $0.75 per share for 20 consecutive trading
days, the Company may, by notice to the warrant holders, reduce the
remaining exercise period for the warrants to 30 calendar days from the
date of the notice. The common shares issued pursuant to the private
placement as well as the common shares issued pursuant to the exercise
of the share purchase warrants will be legended with a hold period to
expire April 25, 2011. Finders' fees totaling $40,400 will be paid from
the Company's working capital commensurate with TSX.V policies.
The funds raised will be used to conduct exploration on the Company's
Nox-Fort Project near Salmo, British Columbia and for general working
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
This news release may contain 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 may include, but is
not limited to, the Company's objectives, goals or future plans.
Factors that could cause actual results to differ materially from such
forward-looking information include, but are not limited to, 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 in the disclosed
time frames or at all. 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 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 Jaxon Minerals Inc.
For further information: For further information:
regarding Jaxon Minerals Inc., please contact Leif Smither at 604-608-0400, Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com.