I stumbled across this today on Stockwatch. Financing news that was issued August 1. Interesting that it wasn't disseminated through the usual services - CNW and business wire. Anyway, unless there's something that I'm missing, it looks like 2,000,000 shares were placed instead of the intended 20,000,000 shares, and $400,000 raised - far from the $4,000,000 they were intending. The original June 16 nr also stated that Gateway Securities on a best effort was to place a minimum of 7.5 million shares, yet there's no mention of them whatsoever below.

So, what does this mean to JNY and its obligations to Silveria? The July 6 nr stated that JNY was on or before 3 months following the approval date to fund a further $1.5 million toward the Silveria project to earn 25% (They already had funded $1.3 million).

Anyway, an excerpt is below. If you subscribe to Stockwatch, you can access the rest of the article.

Have a good evening!


Journey Resources 2.02-million-share private placement

2008-08-01 16:25 ET - Private Placement

The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement announced June 16, 2008.

Number of shares: 2,024,500

Purchase price: 20 cents per share

Warrants: 2,024,500 share purchase warrants to purchase 2,024,500 shares

Warrant exercise price: 35 cents for a two-year period

Hidden placees: 15

Finders' fees: $2,000 and 12,500 agent warrants payable to Jackie Cheung; $4,000 and 25,000 agent warrants payable to Regenesis Capital; $2,752 and 17,200 agent warrants payable to Canaccord Capital Corporation; $2,400 and 15,000 agent warrants payable to Dale Paruk. Each agent warrant is exercisable at 20 cents for a two-year period into one share and one share purchase warrant with the same terms as above.