SHUNIAH, ONTARIO--(Marketwire - July 19, 2012) - Jiminex Inc. (TSX VENTURE:JIM) ("Jiminex" or the "Company") announces that it has privately placed 6,725,000 Units ("Units") at $0.08 per Unit for gross proceeds of $538,000. As a result of this placement, the Company has 47,152,912 common shares issued and outstanding.
The Units are priced at $0.08 and consist of one common share (a "Common Share") and one-half (1/2) of a 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 securities issued pursuant to this private placement will be subject to a four month hold period which expires on November 19, 2012.
The Company has agreed to pay cash finder's fees totaling $37,660 plus applicable taxes and issue 470,750 Finder's Options. Each Finder's Option entitles the holder to acquire one common share of the Company at a price of $0.08 per share for a period of two years from the date of issuance.
The Company intends to utilize the proceeds from the private placement principally for exploration on its properties as well as for general working capital purposes.
The Company and the board of directors are also pleased to announce the appointment of Messrs Johnson S. Zhang and Guoshan Ma as new members to the board of directors. Mr. Zhang is the President of the Toronto-based Gloss Gold Investment Ltd., Canada Bai Heng Group Ltd. and Lian Feng Mining Group Co., Ltd. Mr. Zhang was Assistant to the Chairman of Zhong Hua International Holdings Limited, a Hong Kong Stock Exchange listed company, from May 2000 to September 2007. Mr. Zhang has extensive experience in the mining operations and capital markets. Mr. Ma is a director of Baosheng Science and Technology Innovation Co., Ltd, a Shanghai Stock Exchange-listed company and has extensive experience in the capital markets. Mr. Ma was the manager of Beijing Run Hua Xin Tong Investment Group Ltd. from January 2000 to March 2010.
The board of directors has also appointed Mr. Zhang as President. Mr. James R.B. Parres will remain as Chief Executive Officer of the Company with his duties focused on the continued exploration and development of the Company's properties.
The Company would also like to announce the resignation of Mr. Mark Billings from Jiminex's board of directors. The Board would like to recognize and sincerely thank Mr. Billings for his services to the Company over the past two years.
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.
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