VANCOUVER, BC / ACCESSWIRE / April 13, 2020 / JNC Resources Inc. (CSE:JNC) (the "Company") is pleased to announce that it has closed its Initial Public Offering (the "Offering"), by issuing 3,033,000 common shares of the Company $0.10 per share for gross proceeds of $303,300. The Company's common shares had been listed on the Canadian Securities Exchange (the "Exchange") on April 9, 2020 and immediately halted pending closing of the Offering. Following the closing of the Offering today, trading in the Company's common shares is expected to resume at market open on April 14, 2020 under the symbol "JNC".
Pursuant to the agency agreement dated January 13, 2020, Mackie Research Capital Corporation (the "Agent") acted as agent for the Company in connection with the Offering and received a work fee, and a cash commission equal to 10% of the gross proceeds of the Offering. The Company also granted the Agent and members of its selling group non-transferrable warrants to purchase up to an aggregate of 303,300 common shares of the Company at a price of $0.10 per share until April 13, 2022.
The Company expects to use the proceeds from the Offering to complete the initial work program on its Triple 9 Property as recommended in the 43-101 technical report on the Property, and for working capital.
Following the closing of the Offering, the Company now has 19,183,000 common shares issued and outstanding.
The Management and Board of Directors of the Company consists of Michael Mulberry, CEO/Director, Jonathan Younie, CFO, Warren Robb P.Eng, Director and Yana Bobrovskaya, Director, who collectively have over 75 years of experience in mining from exploration to production. Currently, JNC's portfolio consists of the The Triple 9 Project, which has two (2) mineral claims covering approximately 717 hectares in the Kamloops mining division, British Columbia, six (6) kilometres northwest of Sicamous, British Columbia, with the Corporation having carried out an initial exploration program in May, 2019.
"The Company's goal is to engage in mineral exploration for the purpose of land acquisitions and further progress mining operations. We are very excited at the opportunity that is given to us at JNC. Our strong management team brings a wealth of experience in the mineral exploration and development process and we are looking forward to executing our model with JNC," stated CEO Mr. Michael Mulberry.
Additional information on the Company, the Offering and the Triple 9 Property can be found in the Company's final prospectus dated January 13, 2020 as filed on SEDAR at www.sedar.com.
About JNC Resources Inc.
JNC Resources is a North American mining exploration company. Our goal is to develop under-explored properties, benefit from deal flow generated by our strategic partnerships and growth opportunities. Currently JNC is developing our 100% optioned project in South Central British Columbia. The Triple 9 project consists of Gold properties with a new discovery of high levels of base metals, located 20 km's outside the town of Sicamous. JNC will be actively exploring new projects and expanding its portfolio with projects that fulfill the requirements of our seasoned leadership team and continue to maximize shareholder value.
For further information please contact:
Michael Mulberry
T: 778-855-5001
info@jncresources.com
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of applicable securities law. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.
Although the Company believes that the expectations reflected in applicable forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in such statements.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SOURCE: JNC Resources Inc.
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