VANCOUVER, B.C. / ACCESSWIRE / June 27, 2014 / Jemi Fibre Corp. (TSX-V: JFI) (“Jemi Fibre” or the "Company”) Jemi Fibre is pleased to announce that it is undertaking a non-brokered private placement (the “Offering”) to sell up to 4,166,667 units (the “Units”) at a price of $0.24 per Unit for aggregate proceeds of up to $1,000,000. Each Unit consists of one common share of the Company and one full share purchase warrant. Each warrant will entitle the purchaser to purchase an additional common share at a price of $0.32 per share for a period of five years following the closing of the offering. The net proceeds of the Offering will be for general working capital purposes.
It is anticipated that Insiders, as that term is defined under the policies of the TSX Venture Exchange (the “Exchange”), will subscribe for Units in the Offering.
The securities issued under the Offering will be subject to a four month hold period from the date of closing of the Offering.
The Company has also granted 3,400,000 options to directors, officers and consultants to the Company. The options are exercisable at $0.24 per share for five years. The Company has also applied to the Exchange to grant up to 13,333,333 share purchase warrants to Mike Jenks, Chairman of the Company, in connection with his guarantee of loans to the Company. Each warrant would entitle Mr. Jenks to purchase an additional Jemi Fibre common share at a price of $0.32 per share for a period of one year.
The Offering and the grant of warrants is subject to the approval of the Exchange. There are no finder’s fees payable in connection with the Offering.
ON BEHALF OF THE BOARD OF DIRECTORS
JEMI FIBRE CORP.
Michael Ainsworth
CEO and President
For further information, please contact:
Brent Lokash, EVP
Tel: 1 604 862-5190
Email: [email protected]
Special Note Regarding Forward-Looking Statements
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Source: Jemi Fibre Corp.