JAX-TSX.V
VANCOUVER,
March 7, 2014 /CNW/ - Further to the
Company's news release of February 12,
2014, the Company announces that it has closed its
securities exchange with Global Resources Investment Trust plc
("GRIT").
The Company issued 2,500,000 common shares at
$0.115 per share to GRIT, in exchange
for 159,016 ordinary shares of GRIT (the "GRIT Shares"), at the
deemed price of £1.00 per GRIT
Share. The securities issued to GRIT are subject to resale
restrictions expiring July 8,
2014.
The Company will now seek to sell the GRIT Shares
through the facilities of the London Stock Exchange. During
the first six months, all sales of GRIT Shares will be arranged by
GRIT. While the Company will seek to maximize the proceeds it
receives from the sale of its GRIT Shares, there is no assurance as
to the timing of disposition or the amount that will be
realized. Funds realized from the sale of the GRIT Shares
will be used by the Company for working capital purposes.
The GRIT Shares were distributed pursuant to a
prospectus published by GRIT in the UK on February 28, 2014. GRIT's application to
list its ordinary shares on the premium listing segment of the
Official List and to trade on the London Stock Exchange's main
market became effective today. GRIT's distribution of the GRIT
Shares to the Company and other Canadian based issuers was also
made pursuant to a discretionary exemption order granted by the
Ontario and British Columbia
Securities Commissions by order dated November 13, 2013.
GRIT has been established to exploit investment
opportunities in the junior mining and natural resources sectors
worldwide, with an investment objective to generate medium and
long-term capital growth. GRIT has conducted share exchange
transactions with 41 junior resource companies (32 headquartered in
Canada), acquiring an initial
portfolio of their securities in exchange for 39,520,012 ordinary
shares having a deemed value of £39,520,012 (approximately C$73,250,000).
A finder's fee commensurate with TSX Venture
Exchange policies will be paid.
ON BEHALF OF THE BOARD OF DIRECTORS
JAXON MINERALS INC.
"Paul
Zdebiak"
President
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Certain statements set out in this News
Release constitute forward-looking statements.
Forward-looking statements (i) are often, but not always,
identified by the use of words such as "expect", "may", "could",
"anticipate", or "will", and similar expressions; (ii) are subject
to a variety of known and unknown risks and uncertainties and other
factors that could cause actual events or outcomes to differ
materially from those anticipated or implied by such
forward-looking statements. In particular there is no
assurance that the Company will realize at least £1.00 per GRIT Share upon the sale thereof, or
that the Company will realize proceeds from the sale of the GRIT
Shares in a timely manner.
SOURCE Jaxon Minerals Inc.