KIRKLAND LAKE, ON, April 17 /CNW/ - RJK Explorations Ltd. (RJX.A: TSXV) ("RJK") reports that it has completed a non-brokered private placement (the "Offering") for gross proceeds of $200,000 through the sale of 4,000,000 units at $0.05 per unit to the MineralFields Group. Each unit consists of one class A subordinate voting share of the Company (a "Share") and one Share purchase warrant, each such Share and Share purchase warrant issued on a flow-through basis pursuant to the Income Tax Act (Canada). Each whole Share purchase warrant entitles the holder thereof to purchase one Share at a price of $0.10 until April 16, 2010 and thereafter at a price of $0.20 until April 16, 2011.
In connection with the Offering, the Company paid an aggregate cash finder's fee of $2,000 and issued an aggregate of 160,000 units (the "Finders Units") and 400,000 non-transferable options (the "Finders Options") to Limited Market Dealer Inc. Each Finder Unit consists of one Share and one non-transferable Share purchase warrant. Each whole Share purchase warrant entitles the holder thereof to purchase one Share at a price of $0.10 until April 16, 2010 and thereafter at a price of $0.20 until April 16, 2011. Each Finders Option is exercisable until April 16, 2011 into one Finders Unit a price of $0.05 per Finders Unit.
The proceeds of this Offering will be used for the exploration and development of the Company's Dorion Property located in Ontario. The securities issued under this Offering are subject to a hold period expiring on August 18, 2009. RJK has posted to its website the Airborne Total Field Magnetic map to the Dorion South Property. Results of the recently completed VTEM survey are expected shortly.
About MineralFields and Pathway and First Canadian Securities
MineralFields Group (a division of Pathway Asset Management), based in Toronto and Vancouver, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities (R) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities.
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.
Web Site: http://www.rjkexplorations.com