COEUR D'ALENE, Idaho, March 29, 2017 (GLOBE NEWSWIRE) -- New Jersey Mining Company (OTCQB:NJMC) (“NJMC” or the “Company”) is pleased to announce it has closed a $850,000 private placement at the same terms as the placement announced in the Company’s press release dated March 6, 2017.
NJMC CEO and President John Swallow stated “In keeping with our balanced approach, the last placement was comprised largely of management and existing shareholders. In contrast, this placement is comprised of $500,000 from one strategic individual investor, $250,000 from our concentrate broker (H&H Metals Corp.), and myself.
The individual investor is an experienced industry veteran with an extensive business development and corporate finance background and we welcome him as a fellow shareholder. H&H has been great to work with – especially at this stage of our business plan. We look forward to a long and mutually beneficial partnership with Chris and the folks at H&H.”
Christopher Holme, principal at H&H commented “It has been a pleasure working with John and Grant and we look forward to many years of business together as they expand operations at the Golden Chest and look toward Butte Highlands. We appreciate the opportunity to invest alongside Company management and directors.”
Mr. Swallow added “We are fortunate that the combination of an experienced team, quality assets and an achievable cash-flow based business approach has allowed us to focus on quality over quantity. This additional and final investment further supports our approach toward operations, debt reduction and mine-life expansion at the Golden Chest.”
The private placement consisted of 4,250,000 units at a price of $0.20 per unit for a gross proceed of $850,000. Each unit consisted of two common shares and one share purchase warrant, each warrant entitles its holder to purchase one common share at a price of $0.20 per share for a period of 36 months ending March 28, 2020.
NJMC President and CEO John Swallow’s participation in this placement consists of subscribing for 500,000 units - paid in the form of $100,000 in debt reduction of loans made by Mr. Swallow to the Company.
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.”
