Jade Leader Updates Drilling Preparation Progress and Announces Financing
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Calgary, Alberta (FSCwire) - Jade Leader Corp. (TSX.V: JADE) (“Jade Leader”, or “the Company”) is pleased to announce progress towards mobilizing for the maiden drill program at its DJ Jade project, Washington State.
In anticipation of a positive response to its drilling program outline from the relevant authorities, the Company has been working to engage a contractor with portable equipment developed to operate with minimal environmental disturbance. The Company is now finalizing the contracting process with an objective to mobilize and begin its drilling program during the second to third week of October in order to utilize its current permitting window and optimum field conditions.
The program’s current outline allows for up to 2,000 meters of HQ diameter size core drilling, testing in excess of 100 meters of strike length of the nephrite bearing jade systems identified with surface work to date, as allowed by current access. Depth of testing on this maiden program is expected to be up to 50 meters vertically.
The Company also announces, subject to TSX Venture approval, a non-brokered private placement of up to 3,600,000 Units, at a price of $0.25 per Unit, for gross proceeds of $900,000. Each Unit consists of one common share and a full common share purchase warrant. Each full common share purchase warrant (a “Warrant”) will entitle the holder to purchase an additional common share at a price of $0.40 per share for a period of two years following closing.
The Units are to be offered on a non-brokered basis by way of private placement to accredited investors and all securities issued under the offering will be subject to a hold period of four months plus one day from the date of closing. A finder’s fee of 5% may be paid to eligible agents upon closing.
Proceeds of the financing are to be used for working capital and general corporate purposes as well as funding of the DJ drilling program.
Jade Leader has also granted to a consultant, under its Stock Option Plan, an option to purchase 75,000 common shares for a period of three years commencing on October 1, 2018 at an exercise price of $0.25 per share.
Mr. Jean-Pierre Jutras, P.Geol., President of the Company, is the Qualified Person for the Company’s Jade projects as defined by National Instrument 43-101 and has approved the technical disclosure contained in this news release.
The Company has posted a Corporate/Technical presentation with information on the Jade space as compiled during our research, as well as a summary of our exploration efforts to date. It can be accessed through the Investors section of our website at Jadeleader.ca, under Presentations and Fact Sheets.
On Behalf of the Board of Directors,
The TSX Venture Exchange has neither approved nor disapproved of the contents of this press release.
Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as “expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward-looking information that represents management of Jade Leader’s internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of Jade Leader. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Jade Leader’s actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in Jade Leader’s filings with the Canadian securities authorities. Accordingly, holders of Jade Leader shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. Jade Leader disclaims any responsibility to update these forward-looking statements.
Source: Jade Leader Corp. (TSX Venture:JADE, OTC Bulletin Board:MCKRF, FWB:BG6A)
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