Tuesday, 15 May 2007

JER Closes First Tranche of $0.60 Private Placement

JER (TSX.V:JER) has received TSX Venture Exchange acceptance to close the first tranche of its non-brokered private placement.

To date JER has sold 2,113,666 units at a price of $0.60 per unit for gross proceeds of $1,268,200. Each unit consists of one common share and one half share purchase warrant of the Company. Each whole warrant entitles the holder to purchase one additional common share of the Company at a price of $0.70 for a period of one year from closing date. These units are subject to a hold period expiring September 5, 2008.

This closing is the first tranche of the Company's previously announced non brokered private placement of up to 3,500,000 units for gross proceeds of $2.1 million. The Company will pay $96,976 in cash and 161,627 share purchase warrants as a finder’s fee on a portion of this first tranche of private placement.

Investors should note that JER is also working on the completion of a $5.1 million brokered private placement led by MGI Securities.

Click here to read the release.