TORONTO, Feb. 15 /CNW/ - RJK Explorations Ltd. (TSXV: RJX.A) ("RJK" or the "Company") is pleased to announce the closing of the first tranche of a non-brokered private placement (the "First Tranche"). Pursuant to the First Tranche, 1,096,666 units of securities (each, a "Unit") were issued at a price of $0.15 per Unit, raising approximately $164,500. Each Unit consists of one Class A subordinate voting share of the Company (each, a "Share") and one-half of one warrant. Each whole warrant (each a "Warrant") entitles the holder to purchase one Share at a price of $0.25 for a 12-month period. It is anticipated that the closing of a second tranche will occur by the end of February.

The Company paid an aggregate cash finder's fee of $4,837.50 in connection with the First Tranche.

The proceeds raised from the issuance of the Units will be used to fund exploration work on RJK's mineral properties. 

The Shares and Warrants issued pursuant to the First Tranche are subject to a hold period expiring on June 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 Company's anticipated use of proceeds from the First Tranche and the completion of a second tranche and the timing related thereto. 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 First Tranche and the second tranche, 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:

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

Profil de l'entreprise

RJK Explorations Ltd.

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