James Bay closes $75,000 first tranche of financing

Executive Summary

• James Bay Resources Ltd. announced the closing of the first tranche of a non-brokered private placement of common shares.
• The company received $75,000 in gross proceeds from the issuance of 3.75 million common shares.
• Net proceeds are designated for working capital financing.

Key Details

• Transaction Structure: Non-brokered private placement of common shares.
• Total Offering Size: Up to $350,000 in aggregate principal amount.
• First Tranche Proceeds: $75,000 received.
• Shares Issued (First Tranche): 3.75 million common shares.
• Use of Proceeds: To finance working capital.
• Restrictions: Common shares issued in the first tranche are subject to a four-month-plus-one-day regulatory hold period commencing from the date of closing.
• Pre-Issuance Share Count: 81,076,241 shares outstanding prior to the issuance.

Notable Quotes

• None provided in the text.