J.A.G. Mines Ltd. (TSXV:JML) announced that it has already closed a private placement for the amount of $340,000. The proceeds will be utilized for the company’s expenditures in its properties in St-Robert-Beauce and Belleterre-Temiscamingue, with the objective of drilling a minimum of 2,500 meters where historic values have been identified in tungsten and precious metals.
As quoted in the press release:
This placement was offered to “Accredited Investors” in units of $5,000, the share price was $0.10 per share. 3,400,000 Class A shares were issued under this private placement including 2,720,000 in the form of flow-through shares. In addition, 1,700,000 warrants were also issued, each warrant will entitle the holder thereof to acquire one share of the Issuer (on a non-flow-through basis) at a price of $0.20 for a period of twelve (12) months following the Closing date.