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Jaxon Mining closes oversubscribed placement, raises C$595,000 total

The company said its initial filing of C$390,000 was oversubscribed, bringing the total for two closings to C$595,140.
Jaxon Mining closes oversubscribed placement, raises C$595,000 total
Jaxon is an exploration and development company with projects in British Columbia

Jaxon Mining Inc. (CVE:JAX) announced today that it has closed the final tranche of its non-brokered private placement. 

The company closed on two million units at a price of C$0.12 cents for proceeds of C$240,000.

This oversubscribed Jaxon's initial filing of C$390,000 by C$205,140, bringing the total for both closings to C$595,140.

Each unit comprises one common share and one-half common share purchase warrant. Each whole share purchase warrant entitles the holder to purchase one common share at C$0.20 per share, with an expiry date of two years from the closing of the private placement.

Funds raised will augment the company's working capital for expenses that do not qualify for the C$1,472,000 in flow-through funds raised by Jaxon last year. 

The company is currently focused on advancing its Hazelton project in north-central British Columbia and the More Creek project (consolidating the Wishbone and Foremore properties) in British Columbia's Golden Triangle.

Jaxon shares were up 4.8%, closing at C$0.11 on Wednesday.

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Jaxon Mining Inc Timeline

September 21 2018

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