Jaxon announces $400,000 private placement with Mineralfields


VANCOUVER, Dec. 10 /CNW/ - Jaxon Minerals Inc. (the "Company") (JAX - TSX Venture) is pleased to announce that it has arranged, subject to TSX Venture Exchange approval, a private placement with Mineralfields Group ("MineralFields"). The placement will consist of up to 2,000,000 flow-through units (the "FT Units") at a price of $0.20 per FT Unit for gross proceeds of $400,000. Each FT Unit consists of one flow-through common share and one-half of one transferable common share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one additional non-flow-through common share of the Company for a period of 24 months from the closing date of the private placement at an exercise price of $0.30 per share during the first year and $0.40 per share during the second year.

The Company will pay a cash finder's fee to First Canadian Securities (a division of Limited Market Dealer Inc.) equal to 6% of the proceeds of the private placement, as well as a finder's fee in the form of non-flow-through common share purchase warrants equal to 10% of the number of FT Units subscribed for (each a "Finder's Warrant"). Each Finder's Warrant will entitle the holder to purchase non-flow-through units for a period of 24 months at an exercise price of $0.20 per unit, with each such unit consisting of a common share and one-half of one non-transferable share purchase warrant. The share purchase warrants otherwise have the same terms as the share purchase warrants comprising the FT Units.

"We are very pleased to be entering into this relationship with MineralFields Group", stated Leif Smither, Director. "This is an important milestone in the growth of Jaxon Minerals Inc. and we look forward to working with MineralFields Group as we develop our mineral property interests in British Columbia."

Concurrently, the Company also intends to complete a non-brokered financing of up to 250,000 flow-through units, having the same terms as the FT Units sold to MineralFields, for gross proceeds of up to $50,000. The Company will pay a cash finder's fee on this portion of the financing commensurate with TSX.V policies.

The proceeds of the financing will be used toward the advancement of the Company's Nox Fort Property near Salmo, British Columbia.

    About MineralFields, Pathway and First Canadian Securities (R)

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver, Montreal and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Fund Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities(R) (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities (R).



"Leif Smither"

Leif Smither, Director

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.

%SEDAR: 00024980E

SOURCE Jaxon Minerals Inc.

For further information: For further information: regarding Jaxon Minerals Inc., please contact Leif Smither/Michael Dake at (604) 608-0400, Toll Free: 1-877-608-0007 or visit our website at www.Jaxonminerals.com

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