Jaxon Mining boosts private placement to advance Red Springs project

Jaxon Mining Inc (CVE:JAX) (OTCMKTS:JXMNF) said Wednesday it was boosting its previously-announced non-brokered private placement, with an aim to raise up to C$335,300.

The company said 6.7 million units will be offered, at C$0.05 per unit for gross proceeds of $335,300. 

The Vancouver-based metals explorer said funds raised will be used for general working purposes and general advancement of the Red Springs project, which is located near Hazelton, British Columbia.

READ: Jaxon Mining discovers more high-grade gold mineralization at Red Springs

Each unit will comprise one common share and one-half common share purchase warrant.

Each whole purchase warrant will entitle the holder to purchase one common share at C$0.7.5 cents per share.

The company said the warrants will have an expiry date of two years from the closing of the private placement and finder’s fees may be paid.

Shares of Jaxon were flat at C$0.08 on Wednesday.

Contact Katie Lewis at [email protected]

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