COEUR D'ALENE, Idaho, March 06, 2017 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) is pleased to announce it has closed its $427,500 private placement and has submitted an application for listing the Company’s shares on the Canadian Stock Exchange (CSE).
NJMC CEO and President John Swallow stated, “We completed this modest placement, which included members of our management team and board, as part of our balanced approach toward operations, debt reduction and mine-life expansion efforts at the Golden Chest.
Additionally, we recently applied for listing on the Canadian Stock Exchange (CSE) and, as fellow shareholders, we view a listing on the CSE as an opportunity for greater exposure amongst resource and commodity based investors. The CSE is a rapidly growing marketplace, providing a cost-effective Canadian listing with a streamlined regulation program and is a logical part of our strategy to increase investor awareness and expand our shareholder base.”
The private placement consisted of 2,137,500 units at a price of $0.20 per unit for a gross proceed of $427,500. Each unit consisted of two common shares and one share purchase warrant, each warrant entitles its holder purchase one common share at a price of $0.20 per share for a period of 36 months ending February 28, 2020. A total of 2,137,500 purchase warrants has been issued.
NJMC subscribers included John Swallow, President and CEO (400,000 units), Grant Brackebush, Vice President (50,000 units) Kevin Shiell, Director (100,000 units).
The Company will provide further detail on the CSE listing throughout the approval process, which is expected to take several weeks. The CSE has not provided comments on the listing application and NJMC must meet CSE requirements to be listed; there are no assurances that listing will be granted. The CSE is recognized and regulated by the Ontario Securities Commission (OSC) and operates nationally through applicable rulings and exemptions of other securities commissions.
About New Jersey Mining Company
New Jersey Mining Company is headquartered in north Idaho, where it is currently in production at its Golden Chest Mine. It is deploying its mining and milling expertise to build a portfolio of advanced-stage assets with near-term cash flow potential and leverage to higher gold prices.
- NJMC owns and operates the Golden Chest Mine project where open pit mining is underway and underground mining is expected to resume early this year.
- NJMC also holds a 50-percent interest in the fully-permitted Butte Highlands Gold Project.
- NJMC built and is majority owner and operator of the New Jersey Mill, a 360-tonne per day flotation mill and cyanide leach plant.
Company assets were developed with more than $50-million of investment dollars from New Jersey and other companies. Management owns more than 17-percent of NJMC stock and has participated in prior financings and made purchases in the open market.
The Company’s common stock trades on the OTC-QB Market under the symbol “NJMC.”
