MISSISSAUGA, ON, June 6, 2018 /CNW/ - JOURDAN RESOURCES INC. (the
"Corporation") (TSX-V NEX: JOR.H) is pleased to announce that,
further to its March 1, 2018 press
release, a first tranche of the Offering will be closed on
June 11, 2018.
In preparation of the upcoming shareholders meeting, schedule
for June 11, 2018, the Corporation is
also pleased to provide additional information on the previously
announced non-arm's length assignment agreement (the
"Agreement") made effective August 9,
2017, with Fairmont Resources Inc. ("Fairmont") and
Frédéric Bergeron ("FB"), wherein Fairmont agreed to assign
and transfer its interest in an option agreement (the
"Option") to acquire 100% of all right, title and interest
in the Rome Lithium property (the "Property"), subject to 2%
production royalty in favor of FB of which 1% can be redeemed by
the Corporation for a cash payment of $1,000,000, to the Corporation, and the
Corporation agreed to purchase such Option from Fairmont on the
terms and conditions set forth in the Agreement (the
"Acquisition").
The consideration payable by the Corporation in order to acquire
the Option, in addition to the $25,000 already paid pursuant to the right of
first refusal agreement between the Corporation and Fairmont dated
June 22, 2017, consists of a payment
of $50,000 in cash, 1,500,000 common
shares of the Corporation (each a "Share") and a 2% net
smelter return royalty of which 1% can be redeemed by the
Corporation for a cash payment of $1,000,000. In addition, the Corporation is
required to incur an aggregate of $150,000 in work expenditure on the Property; on
or before June 10, 2019. The
Corporation would have 37,723,112 Shares issued and outstanding
after the issuance of the 1,500,000 Shares upon closing of the
Acquisition.
The policies of the TSX Venture Exchange (the "Exchange")
requires that the Acquisition be approved by the disinterested
shareholders of Corporation pursuant to section 5.7(k) of Exchange
Policy 5.3 ("Policy 5.3") as it is a non-arm's length
transaction without satisfactory evidence of value, and accordingly
the 3,977,080 common share of the Corporation, beneficially own or
controlled by Mr. Michael Dehn, who
was president, CEO and director of the Corporation and Fairmont
when the Agreement was entered into, representing 11.1% of the
issued and outstanding Shares, will be excluded from the
shareholders' approval resolution.
Lastly, further to the Corporation's August 14, 2017 press release as well as its
MD&As for the period ending June 30,
2017, September 30, 2017,
December 31, 2017, and March 31, 2018 disclosing the mineral resource
estimate for the adjacent North American Lithium Mine, the
Corporation inadvertently reported the resource estimate using the
0.6% Li2O cut-off grade where the resource estimate prepared by the
QP reports the 0.8% Li2O cut-off grade as the "preferred" and
bolded cut-off grade.
About Jourdan Resources
Jourdan Resources Inc. is a Canadian junior mining exploration
company trading under the symbol JOR on the TSX Venture Exchange
and 2JR1 on the Stuttgart Stock Exchange. The Company is focused on
the acquisition, exploration, production, and development of mining
properties in lithium. The company's properties are primarily in
spodumene bearing pegmatite rich La Corne Batholith, around North
American Lithium's producing Quebec Lithium Mine.
Please visit the Company's website at
www.jourdanresources.com
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.
SOURCE Jourdan Resources Inc.