Vancouver, British Columbia--(Newsfile Corp. - March 14, 2017) - Jaxon Minerals Inc. (TSXV: JAX) (FSE: 0U3) ("Jaxon" or the "Company") has signed a definitive agreement to purchase the gold-silver Wishbone property from vendor Lorne Warren. The 3,900 hectare property is located in western British Columbia, Canada, approximately 30 kilometres southeast of the Nova Gold/Teck-owned Galore Creek property.
The terms of the purchase agreement are as follows:
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$10,000 and 100,000 Jaxon shares on signing
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$15,000 and 100,000 Jaxon shares on 1st anniversary
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$25,000 and 100,000 Jaxon shares on 2nd anniversary
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$25,000 and 100,000 Jaxon shares on 3rd anniversary
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$50,000 and 200,000 Jaxon shares on 4th anniversary
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$50,000 and 200,000 Jaxon shares on 5th anniversary
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$20,000 per year advanced royalty payments beginning 6th anniversary
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2% NSR with $1,000,000 per 1% buy out
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200,000 Jaxon shares on commercial production
The company also announces that it has arranged a non-brokered private placement of up to 5 million units at a price of $0.07 per unit for gross proceeds of up to $350,000. Each unit will comprise one common share and one common share purchase warrant. Each share purchase warrant will entitle the holder to purchase one common share at $0.12 per share with an expiry date of two years from the closing of the private placement. A finder's fee commensurate with TSX Venture Exchange policies will be paid where applicable.
The funds raised will be used to conduct further review of historic data from the company's Price Creek and Wishbone properties and for general working capital purposes.
The terms of the Wishbone acquisition remain subject to approval by the TSX Venture Exchange.
