It has received conditional approval from the TSX Venture Exchange to issue over 1.99mln units at 30 cents each.
Each unit consists of one share and one half a share purchase warrant, with each entitling the bearer purchase one share at a revise 38 cents for two years from the closing of the placement.
Last week, Jaxon Minerals shares surged as it revealed it continues to make exploration progress at the Hazelton property in British Columbia, Canada.
Earlier this month, the firm said the program had got off to a cracking start, with Jason Cubitt, president of Jaxon, commending the company’s field crews.
Several new significant massive sulphide occurrences have been identified at the Max zone, it revealed.
Jaxon said it had identified seven other areas of interest from 2017 field observations, historical soil samples and the recent interpretation of the VTEM (versatile time domain electromagnetic) geophysics at the project.
There are now four prospecting teams investigating and sampling these areas for outcrop and mineralization.
These areas are outside the Max target area, where the firm will shortly mobilise a 3-D induced polarization (IP) geophysical survey team.