JZR Gold closes CAD$1M private placement of 4 million units

JZR Gold Inc. (TSXV: JZR) (OTCPK: JZRIF) has closed a non-brokered private placement, issuing 4,000,000 units at CAD$0.25 per unit for gross proceeds of CAD$1,000,000, according to a company statement.

Each unit consists of one common share and one warrant exercisable at CAD$0.35 per share for two years from the date of issuance. The company paid CAD$6,000 in cash finder's fees and issued 24,000 finder warrants on the same terms as the warrants included in the units.

All securities issued are subject to a hold period of four months and one day from the closing date.

The company said it intends to use the proceeds to fund operations of its 800 tonne-per-day gravimetric mill and for general working capital purposes.

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