KIRKLAND LAKE, ON, Jan. 31, 2012 /CNW/ - RJK Explorations Ltd. (TSX Venture: RJX.A) (the "Company") is pleased to announce that it has closed a non-brokered private placement (the "Offering"). Pursuant to the Offering, 3,400,000 flow-through units of securities (each, a "Unit") were issued at a price of $0.125 per Unit, raising gross proceeds of $425,000 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, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.20 for a 12-month period.
The Company paid a cash finders fee of $30,000 in connection with this private placement.
The securities issued under the Offering are subject to a hold period expiring on June 01, 2012.
The proceeds raised from the issuance of the Units are expected to be used to fund exploration work on the Company's Blackwater Properties BC.
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 Offering. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to obtain 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.
For further information:
Glenn Kasner, President
Telephone: (705) 567-5351
Mobile: (705) 568-7567