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Jaxon Mining welcomes cash injection from cornerstone investor

Last updated: 20:49 26 Oct 2017 BST, First published: 15:49 26 Oct 2017 BST

Canadian
All of the securities issued under this financing will be subject to a hold period of four months

Jaxon Mining Inc (CVE:JAX) has arranged a strategic investment from Zijin Mining Group of China, and certain other investors.

The investors have subscribed for up to 5.63mln flow-through shares at a price of 32 cents per share for gross proceeds of C$1.8mln.

The proceeds will contribute to financing Jaxon's fall/winter 2017 drill program at its Hazelton silver-zinc VMS target in British Columbia's prolific Skeena Arch.

READ Jaxon Mining nearing target generation for Hazelton drilling

"The Zijin Midas Exploration Fund is a cornerstone strategic investor and we welcome their continued support. We're excited to be mobilizing to the field for a phase 1 drill program at the Hazelton project. We have a host of high priority targets to drill test - many beneath interpreted feeder zones associated with bonanza grades of silver and zinc at surface in outcrop," said Jason Cubitt, Jaxon's president and chief executive officer.

Jaxon said a detailed 3-D drill model has been produced based on an integrated compilation of historic and recent fieldwork and airborne geophysics. The company will provide specifics of the program in the coming days.

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