New Whales Ministerial Approval For SPML Change Of Control

VANCOUVER - JNC Resources Inc. and Southern Precious Metals Ltd. (SPML) reported that New South Wales ministerial approval (Ministerial Approval) of the change in control of SPML has been received and accordingly the parties have closed the Definitive Agreement in which JNC has effectively acquired a 100% interest in SPML, and its subsidiary which hold 100% interests in the Malebo and Solomons Properties in New South Wales (NSW) Australia. The Company issued six million (6,000,000) common shares (Purchase Shares) to the shareholders of SPML in exchange for all of the issued and outstanding shares of SPML. The SPML Shareholders have entered into voluntary lockup undertakings wherein the Purchase Shares, which are otherwise free-trading, have been released as to 25% of such Purchase Shares immediately, 25% on October 23, 2021, an additional 25% on April 23, 2022 and the balance on October 23, 2022.

The Company will carry out a two-for-one consolidation of its issued and outstanding shares and has also commenced a non-brokered private placement.The Company is now pleased to announce that subscriptions have been received for a substantial portion and JNC fully expects to close the Financing in September 2021.

"We have made significant strides over the last couple of months in executing on our Australian consolidation and exploration strategy" said, CEO, Michael Mulberry. "The closing of the transaction with SPML and the advances that we have already made in our Financing is a clear testament to the strength of our advisors and key shareholders and the confidence that the Canadian capital markets continues to place on our Company."