RJK Explorations closes $150,000 private placement on TSX Venture

RJK Explorations Ltd. (TSXV: RJX.A) has closed a non-brokered private placement raising gross proceeds of $150,000, according to a press release from the Kirkland Lake, Ontario-based company.

The offering consisted of 5,000,000 units priced at $0.03 per unit. Each unit includes one common share and one warrant, with each warrant allowing the holder to purchase one additional common share at $0.05 for a period of five years from issuance.

The company stated it intends to allocate 90% of the gross proceeds toward exploration and development activities, with the remaining 10% designated for working capital and general corporate purposes.

The offering remains subject to final approval from the TSX Venture Exchange. Securities issued are subject to a four-month and one day hold period under applicable Canadian securities laws and TSXV policies.

An insider of the company participated in the offering, purchasing 1,666,667 units. The transaction was classified as a related party transaction under Multilateral Instrument 61-101. The company relied on exemptions from formal valuation and minority approval requirements, determining that the insider's participation did not exceed 25% of the company's market capitalization as defined under MI 61-101.

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