News Release - JNR raises $700,000N E W S R E L E A S E
December 17, 2003 – JNR Resources Inc. (TSX.V: JNN) announces that the Company has negotiated, subject to TSX Venture Exchange acceptance, a private placement totalling $700,000. These funds will be raised by the Company issuing up to 2,800,000 units at a price of $0.25 per unit, each unit consisting of one common share and one share purchase warrant. Each warrant will entitle the holder thereof to acquire one additional common share of the Company for a period of two years at a price of $0.31 for the first year and $0.36 for the second year. Of the 2,800,000 units, 800,000 will be flow-through units.
Toll Cross Securities Inc., of Toronto, Ontario, has agreed to assist with the sale of the 2,000,000 non-flow-through units. The Company has agreed to pay to Toll Cross a cash commission of 7% of the proceeds raised by Toll Cross. The Company has also agreed to additional compensation of agent’s warrants equal to 10% of the number of units placed through Toll Cross, each warrant entitling Toll Cross to acquire one common share of the Company for a period of two years at a price of $0.31 for the first year and $0.36 for the second year.
A portion of the net proceeds of this private placement will be used towards exploration on the Company’s uranium properties located in Saskatchewan, and a potential acquisition and exploration of one or more gold properties, as currently under review. The balance of the net proceeds will be for general working capital purposes.
ON BEHALF OF THE BOARD
Rick Kusmirski,
President
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FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.