NEW JERSEY MINING COMPANY (OTCMKTS:NJMC) Files An 8-K Unregistered Sales of Equity Securities
Item 3.02 Unregistered Sales of Equity Securities.
On August 28, 2020, New Jersey Mining Company (the “Company”) closed subscriptions of US$2,721,000.00 to its non-brokered private placement (the “Private Placement”) with 19 investors. Proceeds from the private placement will be used for to accelerate a drill program targeting down-dip gold resource expansion and necessary underground mine development to facilitate the goal of increasing production over the next 12-18 months at the Company’s Golden Chest mine in Idaho.
The Private Placement consisted of units (the “Units”) issued at US $0.28 per Unit with each Unit consisting of one common share (a “Common Share”) and one-half common share purchase warrant (a “Warrant”). Each whole Warrant is exercisable into a Common Share (a “Warrant Share”) at an exercise price of US $0.40 per Warrant Share for a period of 2 years.
A total of 9,717,859 restricted Common Shares and 4,858,929 Warrants were issued to the Private Placement.
Also on August 28, 2020 The Company received notice that H&H Metals, the Company’s concentrate broker and New Jersey Mining Co. President, John Swallow, of their intention to exercise 1,2291,667 warrants in connection with the October 2017 private placement at $0.20 per share.
The above-described sale and issuance of the Units, common shares and warrants (and the issuance of shares of common stock upon exercise thereof) were not registered under the Securities Act of 1933, as amended (“Securities Act”), or the securities laws of any state, are subject to resale restrictions and may not be offered or sold in the United States absent registration under the Securities Act. The foregoing sale of securities has been determined to be exempt from registration in reliance on Section 4(a)(2) of the Securities Act and the safe harbor provided by Rule 506(b) of Regulation D promulgated thereunder, as transactions by an issuer not involving a public offering, in which the investors are accredited and have acquired the securities for investment purposes only and not with a view to or for sale in connection with any distribution thereof.
Item 9.01. Financial Statements and Exhibits
99.1 Press Release, dated August 31, 2020, entitled “New Jersey Mining Company Closes 2.7 Million Private Placement and additional Warrant Exercise”
NEW JERSEY MINING CO Exhibit
EX-99 2 ex99-1.htm NEWS RELEASE NEW JERSEY MINE New Jersey Mining Company Closes $2.7 Million Private Placement and additional Warrant Exercise COEUR D\’ALENE,…
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About NEW JERSEY MINING COMPANY (OTCMKTS:NJMC)
New Jersey Mining Company is engaged in exploring for and developing gold, silver, and base metal deposits in the Greater Coeur d’Alene Mining District of North Idaho and extending into Western Montana. The Company is evaluating mineral investment and development opportunities in the western United States. The Company is focused on advanced stage exploration and development assets. The Company has a portfolio of mineral properties, including the Golden Chest Mine, the New Jersey Mine and Mill, the McKinley exploration project, the Eastern Star exploration project and the Toboggan exploration project, and other exploration prospects. The New Jersey Mill Joint Venture and GF&H Company are subsidiaries of the Company. The New Jersey Mine is an underground mine and mill complex, which is located approximately four kilometers east of Kellogg, Idaho, in the Coeur d’Alene Mining District. The Toboggan Project consists of the prospects, including Gold Butte and Mineral Ridge.