Proceeds to accelerate Big Hammer gold
drilling program
VANCOUVER,
Oct. 4, 2011 /PRNewswire/ - Jet
Gold Corp. (TSX-V: JAU) (the "Company") today announced a
non-brokered private placement of $400,000 to be raised through the issuance of
1,428,571 flow-through units ("FT Units") at a price of
$0.28 per FT Unit. Each FT Unit
will be comprised of one flow-through common share and one-half of
one non flow-through common share purchase warrant for a term of 24
months ("Non FT Warrant"). One whole Non FT Warrant will entitle
the holder to purchase one non flow-through common share at a price
of $0.35 per share in year one and
$0.45 per share in year two.
The proceeds of the financing will be used to
further explore and immediately commence diamond drilling of up to
3500m at the Big Hammer Gold property located in Terrace, BC.
The securities issued pursuant to the private
placement will be subject to a hold period of four months and one
day from the closing. The Company may pay finder's fees in
connection with the private placement, subject to compliance with
the policies of the TSX Venture Exchange ("Exchange"). Completion
of the private placement and the payment of any finder's fees
remain subject to the receipt of all necessary regulatory
approvals, including the approval of the Exchange.
JetGold is a Canadian resource exploration
company actively developing gold, silver, copper, zinc, molybdenum
and tellurium mineral resource properties in British Columbia, Canada. The company is
currently undertaking exploration of its two unique precious metal
properties [Big Hammer and Silver
Bay] and a base metal property [Kshish].
Big Hammer
Silver Bay
Kshish |
|
Gold/silver/tellurium (Au/Ag/Te) property located 13 km
southeast of Terrace
Silver/zinc (Ag/Zn) property located in west central BC
Copper/Molybdenum (Cu/Mo) property located 15 km
northeast of Terrace |
JetGold is strategically investing in the Terrace and Smithers mining districts of British Columbia based on excellent road
access, abundant power and water supply and close proximity to the
CN rail line and the Fairview Terminal deep water container port in
Prince Rupert. The port is an
important part of the Government of Canada's "Asia-Pacific Gateway &
Corridor Initiative" and the Province of British Columbia's "Pacific Gateway"
strategy.
Additional information at: www.jetgoldcorp.com
On behalf of the Board of Directors,
Jet Gold Corp. (TSX.V: JAU)
"Brad J. Moynes"
Brad J.
Moynes
President & CEO
Forward Looking Information:
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.
Statements containing forward-looking information express, as
at the date of this news release, the Company's plans, estimates,
forecasts, projections, expectations or beliefs as to future events
or results and are believed to be reasonable based on information
currently available to the Company.
Forward-looking statements and information are based on
assumptions that financing and personnel will be available when
required and on reasonable terms, and all necessary regulatory
approvals and shareholder approval will be obtained, none of which
are assured and are subject to a number of other risks and
uncertainties
There can be no assurance that forward-looking statements
will prove to be accurate. Actual results and future events could
differ materially from those anticipated in such statements.
Readers should not place undue reliance on forward-looking
information.
SOURCE Jet Gold Corp.