JNR Resources Inc.
TSX VENTURE : JNN

JNR Resources Inc.

February 26, 2007 15:39 ET

JNR Announces $15 Million Financing

SASKATOON, SASKATCHEWAN--(CCNMatthews - Feb. 26, 2007) -

Not for dissemination to United States newswire services or for dissemination in the United States.

JNR Resources Inc. (TSX VENTURE:JNN) ("JNR") is pleased to announce that it has entered into an agreement with a syndicate of agents led by Wellington West Capital Markets Inc. and including Toll Cross Securities Inc. and Versant Partners Inc. (the "Agents") to complete a private placement financing (the "Offering"), on a best-efforts agency basis, for the issue of up to 1,600,000 flow-through common shares ("Flow-Through Shares") at a price of $4.70 per Flow-Through Share for gross proceeds of approximately $7.5 million and up to 2,000,000 common shares ("Common Shares") at $3.80 per Common Share for additional gross proceeds of up to approximately $7.6 million. In addition, the Agents have been granted the option to increase the size of the Offering by approximately 660,000 additional Common Shares for additional gross proceeds of approximately $2.5 million.

JNR will ensure that gross proceeds from the sale of the Flow-Through Shares will be used to incur Canadian Exploration Expenses for the purposes of the Income Tax Act (Canada) and such Canadian Exploration Expenses will be renounced with an effective date of no later than December 31, 2007. The net proceeds from the sale of the Common Shares will be used to fund exploration efforts on JNR's properties and for general working capital purposes. All securities issued in connection with the Offering will be subject to a four month hold period. The Offering is scheduled to close on or about March 20, 2007 and is subject to regulatory approval.

The securities being offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States in the absence of registration or an applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States.

JNR is a junior resource company currently engaged in the exploration and development of mineral properties in the provinces of Saskatchewan and Newfoundland. The company has a varied interest in several prospective uranium properties in the Athabasca Basin of northern Saskatchewan that have been and will continue to be the focal point of JNR's exploration efforts.

ON BEHALF OF THE BOARD

Rick Kusmirski, President & CEO

THE TSX VENTURE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

Contact Information