Mississauga, Ontario (FSCwire) - JOURDAN RESOURCES INC. (the “Corporation”) (TSX-V: JOR, Stuttgart: 2JR1) is pleased to announce the appointment of Mr Fred Leigh as President and CEO. Mr. Leigh’s Corporate Finance expertise will allow Jourdan to accelerate its exploration and development plans on its La Corne, Quebec lithium projects. Several of the Corporation’s projects are adjacent to Canada’s only producing lithium mine, CATL, Jilan Jien and Investment Quebec controlled Quebec Lithium Mine. Michael Dehn will continue to spearhead exploration and development activities of the Corporation.
Mr. Leigh has been involved in the junior resource sector for more than 35 years and has had a significant role as founder, director and/or investor in many public companies. Mr. Leigh is also the founder and President of Siwash Holdings Ltd., a privately held company which, for over 18 years, has invested in early stage opportunities in the resource sector. Previously Mr. Leigh was CEO and President of Lithium One that was later merged with Galaxy Resources in a C$112 million transaction.
“I am pleased to be coming in to help accelerate the growth of Jourdan Resources for the benefit of all stakeholders,” states Jourdan’s new CEO Fred Leigh. “I am excited to join a Corporation with a strong technical management team with projects in the one of the hottest commodities globally, working in a very safe, stable and mining friendly jurisdiction.”
Jourdan is also pleased to announce that further to its press release dated June 12, 2018 and subject to receiving final regulatory approvals, it has closed a second and final tranche (the “Second Tranche”) of its previously announced non-brokered private placement (the "Offering") by issuing 466,667 units (each a "Unit") of the Corporation at a price of $0.075 per Unit for gross proceeds of $35,000. Each Unit consists of one common share (each a "Share") of the Corporation issued on a "CEE flow-through" basis pursuant to the Income Tax Act (Canada), and one half of one Share purchase warrant (each a "Warrant"). Each whole Warrant will entitle the holder to acquire one Share at an exercise price of $0.10 per Share on that date that is 24 months from the issuance closing date. The Corporation intends to use the net proceeds of the Offering to fund exploration expenditures on its portfolio of mineral properties.
The securities issued on closing, including any securities issued upon exercise of the Warrants, are subject to a four month hold period which expires on December 2, 2018.
Related Party Transaction
A portion of the Second Tranche constituted a “related party transaction” as set out in Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions (“MI 61-101”) as Maxime Lemieux, a director of the Corporation, has been issued under the Offering 66,667 Units. Accordingly, the part of the Second Tranche constituted to that extent a "related party transaction" under MI 61-101. The transaction is exempt from the formal valuation and minority shareholder approval requirements under MI 61-101 as neither the fair market value of any securities issued to or the consideration paid by such persons exceeds 25% of the Corporation's market capitalization. The Corporation did not file a material change report more than 21 days before the closing of the Second Tranche as it wished to close on an expedited basis for sound business reasons and did not know when the transaction would be completed.
About Jourdan Resources
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 Corporation is focused on the acquisition, exploration, production, and development of mining properties in lithium. The Corporation’s properties are primarily in spodumene bearing pegmatite rich La Corne Batholith, around North American Lithium’s producing Quebec Lithium Mine.
Please visit the Company’s website at www.jourdanresources.com
For further information please contact:
Tel: (647) 477-2382
Fax: (647) 477-2389
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, including any information as to our strategy, projects, plans or future financial or operating performance and other statements that express management's expectations or estimates of future performance, may constitute forward-looking information (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited to, resource estimates, capital and operating expenditures, economic conditions, availability of sufficient financing, receipt of approvals, satisfaction of closing conditions and any and all other timing, development, operational, financial, economic, legal, regulatory and/or political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited to, access to capital markets and other sources of financing and associated cost of funds, final receipt of any required approvals, sufficient working capital for development and operations, access to adequate services and supplies, availability of markets for products, commodity prices, foreign currency exchange rates, interest rates, availability of a qualified work force, availability of manufacturing equipment, no material changes to the tax and regulatory regime, the ultimate ability to execute business plans on economically favourable terms and those material factors and assumptions disclosed in other public filings of Jourdan Resources.
While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to, risks and uncertainties disclosed in other public Jourdan Resources filings, changes in general economic, market and business conditions, competition for, among other things, capital and skilled personnel, and other unforeseen events or circumstances, that may cause the actual financial results, performance or achievements of the Company to be materially different from estimated future results, performance or achievements expressed or implied by the forward-looking statements. Copies of the Company's public filings under applicable Canadian securities laws are available at www.sedar.com. The Company further cautions that information contained on, or accessible through, this website is current only as of the date of filing such information and may be superseded by subsequent events or filings. Other than as required by law, Jourdan Resources does not intend, and undertakes no obligation, to update any forward looking information to reflect, among other things, new information or future events.
Although the Company believes many of its properties have promising potential, its properties are in the early stages of exploration. None have yet been shown to contain proven or probable mineral reserves. There can be no assurance that such reserves will be identified on any property, or that, if identified, any mineralization may be economically extracted.
Neither the 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. Statements in this release that are not historic facts are “forward-looking statements” and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these “forward-looking statements.”