Business
JNC Resources Signs Definitive Share Exchange Agreement With RooGold, Launches Financing and Thanks Dr. Chris Wilson and Dr. Quinton Hennigh for Introducing RooGold
VANCOUVER, BC / ACCESSWIRE / July 8, 2021 / JNC Resources Inc. (CSE:JNC)(OTC PINK:JNCCF)(FSE:5VH) ("JNC" or the "Company") is pleased to announce that, further
About this update from Metalite Resources Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / July 8, 2021 / JNC Resources Inc. (CSE:JNC)(OTC PINK:JNCCF)(FSE:5VH) (\"JNC\" or the \"Company\") is pleased to announce that, further to its May 19, 2021 news release, the Company has now signed a definitive Share Exchange Agreement with RooGold Inc. (\"RooGold\"). The acquisition of these nine (9) past producing and exploratory properties (the \"Properties\") in the State of New South Wales (\"NSW\") Australia, will complement the Company's existing Australian portfolio, creating a NSW focused company with a dominant land position. The Company is also pleased to launch a non-brokered private placement of up to $5 million which will allow JNC to execute its exploration work program on its NSW portfolio. Definitive Share Exchange Agreement with RooGold Inc. The Share Exchange Agreement provides that JNC will carry out a two-for-one consolidation (\"Consolidation\") of its issued and outstanding shares immediately prior to closing of the transaction, to issue twenty million (20,000,000) post-Consolidation common shares (\"Shares\") to RooGold on closing (\"Closing\") (which will be distributed to its 20+ shareholders) with seventy-five percent (75%) of the Shares subject to \"lock-up\" provisions wherein 5,000,000 Shares will be released to RooGold every six (6) months from Closing. In addition to the initial CDN $75,000 paid to RooGold upon execution of the LOI, an additional CDN$75,000 will be paid to RooGold at the latter of the closing of the acquisition or the closing of the Financing. Also, upon Closing, Robert Eadie, CEO of RooGold, will join the Board of Directors of JNC. Robert Eadie has been involved as a director and CEO of publicly listed companies for over 25 years, raising over $100M for various projects around the world. With his network of contacts in Europe, North America and Asia, he has been the catalyst behind successful start-up resource companies and brings extensive management and financial expertise to the board. Robert advocates open dialogue between management, directors and shareholders as a key ingredient to success. Launch of CAD $5.0M Non-Brokered Private Placement As previously announced, the Company has commenced a non-brokered private placement of up to $5 million at $0.125 per unit (the \"Financing\"), each unit consisting of a pre-Consolidation share and a half shar...