TORONTO, Nov. 14, 2022 (GLOBE NEWSWIRE) -- JOURDAN RESOURCES INC. (TSXV: JOR; OTCQB: JORF; FRA:2JR1) ("Jourdan" or the "Company") is pleased to announce that it has closed its private placement financing of common shares of the Company ("Common Shares") issued to Sayona Quebec Inc., a subsidiary of Sayona Mining Limited, for gross proceeds of $1,501,200 (the "Private Placement"). For more information about the Private Placement, please see the Company's press release dated November 14, 2022, which is available under the Company's profile on SEDAR at www.sedar.com.
Pursuant to the Private Placement, Jourdan issued 27,000,000 Common Shares, representing approximately 9.99% of the issued and outstanding Common Shares (on a post-closing basis), at a price of $0.0556 per Common Share. All securities issued in connection with the Private Placement are subject to a statutory hold period expiring on March 11, 2023. Completion of the Private Placement is subject to receipt of final approval of the TSX Venture Exchange ("TSXV"). No finder's fees were paid in connection with the Private Placement. The Company intends to use the net proceeds of the Private Placement for working capital and general corporate purposes.
The Company is additionally pleased to announce that, further to its press release dated November 14, 2022, Mr. Brett Lynch has been appointed to the Company's board of directors.
Brett Lynch was appointed Managing Director/Chief Executive Officer of Sayona Mining Limited on July, 1 2019. Mr. Lynch is a highly experienced international company director and chief executive, with a strong background in mining and mining-related businesses across Australia, Asia and North America and a proven track record in advancing shareholder value. As a senior mining engineer and manager, Mr. Lynch has more than 30 years' experience in the global industry, including previous posts with leading resources companies such as MIM Holdings, New Hope Corporation, Orica and VLI, during which time he was responsible for multi-million dollar international operations. Mr. Lynch's professional qualifications include a Bachelor of Engineering (Mining) (Honours) at the University of Melbourne, a Graduate Diploma of Business (Accounting) at Monash University and a Company Director Diploma from the Australian Institute of Company Directors.
In connection with the appointment, Jourdan granted Mr. Lynch 2,000,000 stock options pursuant to the Company's stock option plan. A quarter of the stock options vest immediately, a quarter vest six months from the date of the grant, a quarter vest 12 months from the date of the grant, and a quarter vest 18 months from the date of the grant, and all may be exercised at a price of $0.105 per option for a period of five years from the date of grant. This grant of options is subject to the approval of the TSXV.
About Jourdan Resources Inc.
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol "JOR" on the TSX Venture Exchange and "2JR1" on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company's properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium's producing Quebec Lithium Mine.
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the Private Placement, including the Company's intended use of net proceeds, final approval of the TSXV in respect of the Private Placement and the approval of the TSXV in respect of the grant of options. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Jourdan to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risk that the final approval of the TSXV in respect of the Private Placement may not be received as expected, or at all, risk that the approval of the TSXV in respect of the grant of options will not be received as expected, or at all, receipt of necessary approvals and other risks of the mining industry. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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.
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