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.