Jayden Resources Inc. Closes 1st Tranche of Private Placement
Vancouver, Nov 13, 2020; Jayden Resources Inc. ("Jayden" or the "Company") (TSXV:JDN) (OTC:PNMLF) Further to its new release dated September 9, 2020 wherein the Company announced a unit offering (the "Offering") consisting of 11,000,000 units (the "Units") at a price of $0.05 per Unit for gross proceeds of up to $550,000. The Offering was oversold with 11,800,000 Units being placed for total proceeds of $590,000. Jayden has closed a first tranche of the Offering totaling $465,000 by issuing 9,300,000 Units of the Company.
Each Unit consisted of one common share of the Company (a "Share") and one transferable common share purchase warrant (a "Warrant"). Each Warrant entitles the holder to purchase one additional Share (a "Warrant Share") of the Company at a price of $0.07 per Warrant Share until November 5, 2022. No finder's fees or commissions were paid in relation to the Offering.
The remaining 2,500,000 Units representing $125,000 of the Offering will be issued in a second tranche upon the Company receiving final TSXV acceptance of a property acquisition announced on September 4, 2020, the $125,000 representing the first year property commitments and expenditures on the Property. As per the Company's November 5, 2020 news release, the Company has received conditional approval by the TSXV for the acquisition and is in the process of rectifying deficiencies and hopes to receive final approval in due time.
The Offering's Shares and any Warrant Shares are subject to a four-month-plus-one-day hold period expiring on March 6, 2021. The proceeds from the Offering will be used to pay down a portion of the Company's current debt and for general working capital purposes.
Share for Debt Transaction
Further to the Company's news release dated September 14, 2020 announcing that it had entered into agreements to settle approximately $67,000 in debt by issuing up to 1,340,000 common shares at a price of $0.05 per share.
The Company has closed the transaction and issued 1,300,000 common shares (the "Shares") at a deemed price of $0.05 per Share to settle a total of $66,000 in debt. The Shares are subject to a four-month-plus-one-day hold period expiring on March 6, 2021.
For further information about this news release, contact Mike Thast at 604-688-9588 or email info@jaydenresources.com.
On Behalf of the Board:
"David Eaton"
President & CEO
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
