JZR Gold closes $1-million private placement

JZR Gold Inc. has closed its previously announced non-brokered private placement of units, raising $1 million in gross proceeds. The company issued 4 million units at a price of $0.25 per unit. The proceeds are designated for financing operations of the 800-tonne-per-day gravimetric mill and for general working capital.

Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable into one additional share at an exercise price of $0.35 per warrant share. The warrants have a duration of two years from the date of issuance. All securities are subject to a hold period of four months and one day from the date of closing.

In connection with the transaction, the company paid $6,000 in cash finder fees and issued 24,000 non-transferable warrants to the finder. These finder warrants carry terms identical to those issued to investors.