J.A.G. Mines Ltd.

TSX VENTURE : JML


J.A.G. Mines Ltd.

January 09, 2013 11:46 ET

CORRECTION FROM SOURCE/J.A.G. Mines Ltd.: Final Closing $340,000 Private Placement Amended

MONTREAL, QUEBEC--(Marketwire - Jan. 9, 2013) -

This document corrects and replaces the press release that was sent on January 8 at 9 AM EST.

J.A.G. MINES LTD. (TSX VENTURE:JML) has completed the private placement announced in November 2012 for a total amount of $340,000. This placement was offered to "Accredited Investors" in units of $5,000, the share price was $0.10 per share. 3,400,000 Class A shares were issued under this private placement including 2,720,000 in the form of flow-through shares. In addition, 1,700,000 warrants were also issued, each warrant will entitle the holder thereof to acquire one share of the Issuer (on a non-flow-through basis) at a price of $0.20 for a period of twelve (12) months following the Closing date.

Shares issued pursuant to the offering will be subject to a four (4) month hold period. No commissions or finder's fees were paid under the offering. Three (3) insiders of JAG subscribed a total amount of $105 000 for approximately 31% of the private placement.

The proceeds (80%) will be used for exploration expenditures on JAG's Properties in Belleterre-Temiscamingue and St-Robert-Beauce. A drilling campaign is presently underway in St-Robert. The objective is to drill a minimum of 2,500 meters on this property where historic values have been identified in gold, silver, zinc and tungsten.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information