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TheNewswire.ca (via TheNewswire) Vancouver, British Columbia, Canada - TheNewswire - May 10, 2022 - Jazz Resources Inc. (the "Company" or "JZR") (TSXV:JZR)is pleased to announce that, due to significant demand, it has increased its previously announced private placement financing by an additional $700,000 to $1,700,000. Pursuant to the increased offering, the Company is offering, on a non-brokered private placement basis, up to 2,125,000 units (each, a "Unit") at a price of $0.80 per Unit, to raise aggregate gross proceeds of up to $1,700,000. Each Unit will be comprised of one common share (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant will entitle the holder to acquire one additional common share (each, a "Warrant Share") of the Company at an exercise price of $1.20 per Warrant Share for a period of 12 months after the closing of the Offering. The Company may pay a finder's fee to certain registered brokerage firms, which fees would be comprised of a cash payment equal to 6% of the subscription funds received by the Company from subscribers introduced by such brokers and the issuance of non-transferable compensation warrants (the "Compensation Warrants") equal to 6% of the number of Units purchased by subscribers introduced by such brokers. Any Compensation Warrants will be issued on substantially the same terms and conditions as the Warrants. The Units, Shares, Warrants, Compensation Warrants, Warrant Shares and any Shares issued upon the exercise of the Compensation Warrants will be subject to a hold period of four months and one day from the closing date of the Offering. The Company will use the net proceeds from the Offering to advance the development on the Vila Nova gold project located in the state of Amapa, Brazil, and for general working capital purposes. Closing of the Offering is expected to occur in late May 2022 and is subject to the Company receiving all necessary approvals, including acceptance by the TSX Venture Exchange. For further information, please contact: Robert Klenk Chief Executive Officer rob@jazzresources.ca |