UNIT PRIVATE PLACEMENT CLOSES

JAX-TSX.V

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 capital.

ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.

"Leif Smither"

_________________________________________


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.

Organization Profile

Jaxon Minerals Inc.

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