The Private Placement was significantly over-subscribed. The net proceeds of the Private Placement will be used for drill programs, drill targeting and advanced exploration at the Company's two wholly-owned projects, Ikutahara and Ohra-Takamine, and for general working capital purposes. The Company would like to recognize CIBC,
The Company paid a total of
In connection with the closing of the Private Placement, the Company issued Shares to one insider of the Company. The Company has determined that exemptions from the various requirements of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ('MI 61-101') are available for the issuance of the Shares to the related party. The Company is relying on the exemptions from the formal valuation and minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, on the basis that the fair market value of the insider participation is not more than 25% of the Company's market capitalization. The Company will file a material change report in relation to the foregoing 'related party transaction', on the Canadian System for Electronic Document Analysis and Retrieval (SEDAR) under the Company's profile at www.sedar.com. The Company did not file the material change report more than 21 days prior to the closing of the transaction due to the timing of the announcement and closing occurring in less than 21 days.
This news release does not constitute an offer of securities for sale in
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Email: info@japangold.com
Cautionary Note
This news release contains forward-looking statements relating to the use of proceeds. These statements are forward-looking in nature and, as a result, are subject to certain risks and uncertainties that include, but are not limited to, general economic, market and business conditions; receipt and timing of regulatory approvals; new legislation; potential delays or changes in plans and the Company's ability to execute and implement future plans. The actual use of proceeds may differ from the information provided herein and, consequently, readers are advised not to place undue reliance on forward-looking information. The forward-looking information contained herein speaks only as of the date of this news release. The Company disclaims any intention or obligation to update or revise forward-looking information or to explain any material difference between such and subsequent actual events, except as required by applicable law.
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