James Bay Resources Limited announced that it has received CAD 6.21 million in funding.
As of December 31, 2013, the company has received advance proceeds of CAD 1,170,004 in the transaction, which has been recorded as subscription payable but no securities were issued by the company.
On January 30, 2014, the company announced that it has issued 1,930,424 units for gross proceeds of CAD 1,930,424 in its first tranche. The company also announced that it has obtained written approval from the shareholders for the transaction. A director and the President, who is also the Chief Executive Office and a director of the company, participated in the first tranche for gross proceeds of CAD 500,000 and CAD 100,000, respectively. The company issued 60,397 finder's warrants and paid CAD 60,397 in cash as finder's fees to one eligible arm's length finder. Each finder's warrant entitles the holder to acquire one common share at a price of CAD 1 for a period of three years after issuance. The company paid a total amount of CAD 282,291 for commission, filing fees, legal and other share issuance costs in connection with the first tranche. All the warrants issued in the first tranche will expire on January 31, 2017.
On June 4, 2014, the company issued 470,000 units for gross proceeds of CAD 470,000 in its second tranche of the transaction. No finder's fee was paid in the second tranche. The company issued a total of 2,400,424 units for gross proceeds of CAD 2,400,424 till date in the transaction. The TSX Venture Exchange has accepted filing documentation with respect to the first tranche and second tranche of the transaction. The transaction included participation from 10 placees, including Stephen Shefsky, a director of the company, for 500,000 units and Jon Pereira, President, Chief Executive Office and a director of the company, for 100,000 units. Afridev Capital Partners Ltd. acted as the finder for the company in the transaction. In connection with the second tranche, the company paid to Angelina Valinurova and Alkebulan Ltd. a cash finder's fee of CAD 28,200 and issued 28,200 finder's warrants.
July 28, 2014, James Bay Resources Limited closed the transaction. The company has issued 3,810,670 units for gross proceeds of CAD 3,810,670. The TSX Venture Exchange has accepted filing documentation with respect to the third tranche of the transaction. The third tranche saw participation from 10 placees. The company issued a total of 6,211,094 units for gross proceeds of CAD 6,211,094. In connection with the third tranche, the company has paid a cash finder's fee of CAD 228,640.20 and has issued 228,640 finder's warrants were paid to Alkebulan Ltd., Guy-Philippe Bertin, RBC Dominion Securities, Angelina Valinurova and M2 Advisors LLC.