SHUNIAH, ONTARIO--(Marketwire - June 4, 2012) - Jiminex Inc. ("Jiminex" or the "Company") (TSX VENTURE:JIM) announces that subject to regulatory approval, it intends to raise, on a non-brokered private placement basis, gross proceeds of up to $552,000 through the issuance of up to 6,900,000 Units (the "Units") at $0.08 per Unit (the "Offering"). The Company currently has 40,427,912 common shares issued and outstanding prior to the Offering.
The Units are priced at $0.08 and consist of one common share (a "Common Share") and one-half (1/2) of one common share purchase warrant (a "Warrant") of the Company. Each Warrant will entitle the holder to acquire one Common Share for a period of two years from the date of issuance at an exercise price of $0.12 per Common Share.
The Company intends to use the gross proceeds from the sale of the Units for continued exploration on the Issuer's properties including the Misehkow, Snow Lake and Northern Eagle mineral properties, and for general working capital purposes.
In connection with the Offering, the Company will pay cash finder's fees in an amount equal to 7% of the gross proceeds raised and will issue finder's warrants entitling the finder to purchase that number of common shares of the Company equal to 7% of the Units sold at a price of $0.08 per common share.
Closing of the Offering will be subject to certain conditions including, without limitation, the conditional approval of the TSX Venture Exchange.
All of the securities issued pursuant to the Offering will be subject to a four-month hold period from the date of issue.
Jiminex Inc. was listed as a resource company on the TSX venture exchange in 2009 and is focused on gold exploration in Canada. The Company acquired three high potential properties located in three well-known mining camps. The 100%-owned Misehkow River property is sited in the Pickle Lake gold mining region of Ontario near to the Pickle Crow Project of PC Gold Inc. and in the same general region as the Musselwhite Mine currently being mined by Goldcorp Inc. Misehkow River presents an opportunity to possibly locate more than one gold deposit within a large target area. The Northern Eagle property is located in the Hemlo gold mining camp, Ontario close to the 22 million ounce Hemlo deposit being mined by Barrick Gold Corp. The property is considered one of the best target areas in which to locate another Hemlo-style gold deposit and Jiminex has earned a 50% interest from Beaufield Resources Inc. The 100% owned Parres and Parres Two properties are located in the Snow Lake copper-zinc and gold mining camp of Manitoba where the major Lalor Lake copper-zinc and gold deposit discovery of HudBay Minerals Inc. is actively being explored and developed.
Allan J. Willy, P. Eng., VP Exploration & Director of Jiminex, is the qualified person responsible for the geotechnical content of the Company's public information.
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This press release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulations. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of unanticipated event.
NEITHER 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.