TSX-V: JLR
JIULIAN RESOURCES INC. (TSX-V: JLR) (“Jiulian” or the “Company“) is pleased to announce further to its news release of May 22, 2020 that it has closed its non-brokered private placement (the “Offering”) and issued 10,000,000 units (a “Unit”) of the Company at a price of $0.025 per unit for gross proceeds of $250,000.
Each Unit consists of one common share of the Company and one-half of one common share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to acquire one additional common share in the capital of the Company at a price of $0.075 per until June 17, 2022, subject to an accelerated expiry. In the event the closing trading price of the Company’s shares is greater than $0.15 per share for a period of 10 consecutive trading days (the “Acceleration Event“) the Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter.
Pricing of the Offering is in reliance of the Temporary Relief Measures established by the TSX Venture Exchange on April 8, 2020.
The proceeds of the Offering will be used for general working capital purposes, audit and AGM expenses, and resource project generation. Although the Company intends to use the proceeds of the Offering as described the actual allocation of proceeds may vary from the uses set out depending on future operations events or opportunities.
In connection with the Offering the Company issued 315,000 finders warrants (“Finder Warrant”). Each Finder Warrant entitles the holder to acquire one additional common share in the capital of the Company at a price of $0.075 per share until June 17, 2021.
The securities issued pursuant to the Offering will be subject to a four-month and one day hold period expiring October 18, 2020.
About Jiulian
Jiulian is an exploration company engaged in acquiring and advancing mineral properties located in southern British Columbia. The Company’s flagship asset is the wholly-owned, 4,056-hectare Big Kidd property, located near Aspen Grove, BC. The Big Kidd property is located 25 km (approximately 15 minutes via Highway 97C) east of Merritt, BC, and 102 km west of the Company’s head office in Kelowna, BC. The Property has a network of gravel roads, LTE cellular service and a high-voltage power line running across it. Jiulian Resources is listed on the TSX-V under the symbol “JLR”.
ON BEHALF OF THE BOARD OF DIRECTORS OF
JIULIAN RESOURCES INC.
“X. Charlie Cheng”
Charlie Cheng
Chief Executive Officer
For more information regarding this news release, please contact:
Oliver Friesen, Director
T: 604-789-6128
W: www.jiulianresources.com
Cautionary Note Regarding Forward-Looking Statements
Certain statements contained in this news release, constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions, including: that the Company’s financial condition and development plans do not change as a result of unforeseen events, that the Company obtains required regulatory approvals, that the Company continues to maintain a good relationship with the local project communities. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in delays, or cessation in planned work, that the Company’s financial condition and development plans change, delays in regulatory approval, risks associated with the interpretation of data, the geology, grade and continuity of mineral deposits, the possibility that results will not be consistent with the Company’s expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company’s Management’s Discussion and Analysis reports filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.
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.
