(TheNewswire)
Vancouver, B.C. - TheNewswire - January 15, 2021; Jayden Resources Inc.("Jayden" or the “Company") ( TSXV:JDN) (OTC:PNMLF) is pleased to announce it hasreceived final approval from the TSX Venture Exchange (“TSXV”) toclose a unit offering (the “Offering”) previously announced onSeptember 9, 2020.
A total of 11,800,000 Units were placed for total proceeds of$590,000. Jayden closed the first tranche of the Offering totaling$465,000 by issuing 9,300,000 Units of the Company on November 13,2020.
The Company has now closed the second tranche of theOffering representing $125,000 by issuing 2,500,000 Units of theCompany at a price of $0.05 per Unit. Each Unitconsisted of one common share of the Company (a “Share”) and onetransferable common share purchase warrant (a “Warrant”). EachWarrant entitles the holder to purchase one additional Share (a“Warrant Share”) of the Company at a price of $0.07 per WarrantShare until January 12, 2023. No finder’s fees or commissions werepaid in relation to the Offering. TheOffering’s Shares and any Warrant Shares are subject to afour-month-plus-one-day hold period expiring on May 13, 2021.
Closing the final tranche of the Offering wasconditional to the Company receiving final TSXV acceptance for theacquisition of the Harry Property which it received earlier this week(see news release dated January 12, 2021). $100,000 of the proceeds ofthe 2 nd tranche Offering will be allocated to the Company’s firstyear exploration expenditures on the Harry Property, and the remaining$25,000 will be paid to Teuton Resources Corp. to fulfill theCompany’s first year cash commitment as per the agreement withTeuton.
The participation in the 2 nd tranche of theOffering by an executive officer of Jayden may be considered a"related party transaction" (the “Related Party”) asdefined under Multilateral Instrument 61-101, Protection of MinoritySecurity Holders in Special Transactions (“MI 61-101”). Jaydenhas determined that exemptions from the formal valuation and minorityshareholder approval requirements under MI 61-101 are available. Inparticular, Jayden has determined that the exemptions set out inparagraphs (a) and (b) in section 5.5 of MI 61-101 are applicablesince the aggregate consideration to be paid by the Related Party doesnot exceed 25% of the market capitalization of Jayden and Jayden isnot listed on the Toronto Stock Exchange, but only on the TSX VentureExchange. In addition, regarding the minority shareholder approvalexemptions, the independent directors have determined that theexemptions set out in paragraphs (1)(a) and (b) in section 5.7 of MI61-101 are applicable in that the aggregate consideration to be paidby the Related Party does not exceed 25% of the market capitalizationof Jayden, the distribution of the securities to the Related Party hasa fair market value of not more than $2,500,000 and Jayden is notlisted on the Toronto Stock Exchange, but only on the TSX VentureExchange.
For further information about this news release,contact Mike Thast at 604-688-9588 or email info@jaydenresources.com .
On Behalf of the Board:
"DavidEaton"
President & CEO
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
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