Business
New Jersey Mining Company Closes $600,000 Private Placement
COEUR D'ALENE, ID / ACCESSWIRE / November 16, 2021 / New Jersey Mining Company (OTCQB:NJMC) ("NJMC" or the "Company") is pleased to announce it has closed a $60
About this update from Idaho Strategic Resources, Inc.
[{"type":"text","content":" COEUR D'ALENE, ID / ACCESSWIRE / November 16, 2021 / New Jersey Mining Company (OTCQB:NJMC) (\"NJMC\" or the \"Company\") is pleased to announce it has closed a $600,000 private placement from one long-term investor. NJMC CEO and President John Swallow stated, \"Proceeds from the private placement will be used, in part, to build needed redundancy in critical and important inventory that could adversely impact operations at the mill and the mine. Increased lack of predictability in supply chains has greatly extended time constraints for long-lead items and has yet again adjusted the planning for and timing of such purchases. Proceeds from the placement will also allow for added financial flexibility after the up-listing process and the focused advancement of our REE projects. As I recently mentioned, we are advancing several initiatives regarding operations and the additional build-up that occurs when transitioning to the next level operationally and structurally. For example, on a macro level we are constantly evaluating the many aspects of the business and identifying areas for improvement. On a micro level it had become apparent in recent months that the scale of ordering and shop/equipment management had outgrown our existing structure and needed adjustment in order to meet our plans for future expansion. Therefore, we have added the new role of Purchasing/Inventory Manager to help oversee ordering and other related tasks. This addition resulted in the promotion of another qualified individual at the mill and the hiring of a new employee, also at the mill. As we remain loyal to building our Gold and REE business, these logical moves are discussed as simple and anecdotal examples of our ‘grow your own' philosophy and the natural evolution of NJMC as a dual-pronged growth-oriented company.\" The private placement, which closed on November 12, 2021, consisted of units at a price of $0.40 per unit for a gross proceed of $600,000. Each Unit consists of one (1) share of the Company's restricted Common Stock and one-half (1/2) of one share Common Stock purchase warrant. Each whole warrant will be exercisable by the holder into shares of the Company's restricted Common Stock at $0.50 per share for 24-months commencing at the closing of the offering. About New Jersey Mining Company Headquartered in North Idaho, New Jersey Mining Comp...