Jaxon Mining Inc (CVEJAX) said it had closed the first tranche of a non-brokered placing to raise C$695,652, which will be used to advance drilling now underway at the Max target at the Hazelton project.
The mining company expects to close the final tranche no later than November 17 this year.
“We appreciate the ongoing support of our investors and look forward to continued exploration success at both the Hazelton and More Creek projects," said Jason Cubitt, president of Jaxon.
The group issued over 2.17mln shares at 32 cents each., and all shares are subject to a four-month hold period.
"Proceeds from this first tranche will be used to continue the drilling program underway at Jaxon’s Hazelton Project on the Max VMS Target, and will also be applied to other precious and base metal targets at Hazelton as well as the company’s More Creek Project in the Golden Triangle," the firm said in a brief regulatory statement.