JZR Gold Inc. announces an update on the Vila Nova Gold Project in Brazil, revealing the successful testing and imminent commencement of operations for the newly installed 800 tonne-per-day gravimetric mill. Alongside this update, the company announces a private placement offering of units to raise up to $600,000 for project-related expenditures and general working capital.
JZR Gold Inc. issued an update regarding the Vila Nova Gold Project situated in Amapa, Brazil . The Company holds a 50% net profit interest in the Vila Nova Project through a Joint Venture Royalty Agreement with ECO Mining Oil & Gaz Drilling Exploration EIRELI. ECO, the project operator, has commissioned an 800 tonne-per-day gravimetric mill , which is now assembled and operational on the Vila Nova property.
ECO has informed JZR Gold that the mill is undergoing component testing and anticipates commencing full operations shortly. Furthermore, JZR Gold announced a private placement offering of units to raise up to $600,000. The offering will be priced at $0.25 per unit, each consisting of one common share and a warrant. Warrant holders can exercise their warrants to purchase a common share at an exercise price of $0.35 per share for a period of three years. The warrants are subject to an acceleration provision, where if the volume-weighted average trading price of JZR Gold's common shares on the TSX Venture Exchange or any other listed exchange reaches or exceeds $0.75 for 10 consecutive trading days, the company can accelerate the warrant expiry date by providing 30 days' notice to warrant holders.The company plans to pay a finder's fee of 6% in cash and an equivalent number of non-transferable finder's warrants to registered persons involved in the offering. The finder's warrants will have the same terms as the regular warrants, except for their non-transferable nature. The offering will be conducted pursuant to available prospectus exemptions under applicable securities laws. It is anticipated that certain insiders of the company may participate in the offering, categorized as a related party transaction under Multilateral Instrument 61-101. JZR Gold intends to rely on exemptions from formal valuation and minority shareholder approval requirements, provided under subsections 5.5(a) and 5.7(a) of MI 61-101. This exemption is based on the assumption that insider participation in the offering will not exceed 25% of the fair market value of the company's market capitalization.The offering may be closed in one or more tranches as subscriptions are received. Securities issued will have a hold period of four months and one day from the issuance date. The closing of the offering, expected around February 7, 2025, is contingent upon satisfying certain conditions, including regulatory and exchange approvals. The net proceeds from the offering will be used to fund the operations of the mill and future exploration work on the Vila Nova Project, potentially through loans to ECO. Additionally, funds will be allocated for general working capital purposes
Gold Mining Vila Nova Project Brazil JZR Gold Inc. Private Placement Gravimetric Mill Exploration ECO Mining Oil & Gaz Drilling Exploration EIRELI
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