JABA Inc. Completes Non-Brokered Private Placement
VANCOUVER, BRITISH COLUMBIA--JABA Inc. ("JABA" or the "Company")
is pleased to announce the closing of a non-brokered private
placement financing of 1,708,218 units priced at $0.55 per unit
and 394,000 units priced at $0.50 per unit, each unit comprising
one common share and one common share purchase warrant. The common
share purchase warrant may be exchanged for one common share of
the Company any time in the next two years, by paying $0.65 in the
first year and $0.75 in the second year. Finders fees are payable
to McDermid St. Lawrence ($19,602), Haywood Securities ($10,000),
Protrader Finance ($23,650) and Paul Curtis ($9,900). Net proceeds
to the Company after finders fees are $1,073,368. The proceeds
will be used to advance the Company's portfolio of exploration
properties and for general working capital.
JABA Inc. is a pure exploration company focusing on the
southwestern US and northern Mexico, where it holds a portfolio of
over 27 high quality projects. One June 24, 1997 the Company
announced the signing of a letter agreement with Phelps Dodge
Mining Company for the joint venture of JABA's Hay Mountain gold
project. The Company has discussions underway with a number of
potential partners on its remaining projects, and expects to be
able to announce additional joint ventures in the near future.
Donald A. Sharpe, President
-30-
FOR FURTHER INFORMATION PLEASE CONTACT:
JABA Inc.
Donald A. Sharpe
President
(604) 602-9002
(604) 602-9007 (FAX)
The Alberta Stock Exchange has neither approved nor disapproved
the information contained herein.
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