Jourdan Closes First Tranche of Private Placement

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

TORONTO, April 21, 2023 (GLOBE NEWSWIRE) -- JOURDAN RESOURCES INC. (TSXV: JOR; FRA: 2JR1) ("Jourdan" or the "Company") is pleased to announce that it has closed its first tranche of a previously announced non-brokered private placement financing of units (each, a "Unit") at a price of $0.07 per Unit (the "Offering") for gross proceeds of $1,488,999.96 (the "First Tranche"). For more information on the Offering, please see the Company's press release dated March 17, 2023, which is available under the Company's profile on SEDAR at www.sedar.com.

Pursuant to the First Tranche, Jourdan issued 21,271,428 Units at a price of $0.07 per Unit. Each Unit consists of one common share of the Company (each, a "Common Share") and one-half of one Common Share purchase warrant (each whole warrant, a "Warrant"), entitling the holder to acquire one additional Common Share at an exercise price of $0.10 for a period of 24 months from issuance. The securities issued in connection with the First Tranche are subject to a statutory four month hold period, which expires on August 22, 2023. Completion of the Offering (including the First Tranche) is subject to receipt of final approval of the TSX Venture Exchange. No finder's fees were paid in connection with the First Tranche. The net proceeds of the First Tranche are expected to be used for working capital and general corporate purposes.

Richard Quesnel, the executive chairman of the Company, subscribed for 10,000,000 Units pursuant to the First Tranche (the "Insider Participation"). Mr. Quesnel's participation is considered to be a "related party transaction" as defined under Multilateral Instrument 61-101 ? Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The Insider Participation is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The Company did not file a material change report more than 21 days before closing the Initial Tranche as the details of the abovementioned Insider Participation were not settled until shortly prior to closing, and the Company wished to close the Initial Tranche on an expedited basis.

About Jourdan Resources Inc.
Jourdan Resources Inc. is a Canadian junior mining exploration company trading under the symbol "JOR" on the TSX Venture Exchange and "2JR1" on the Stuttgart Stock Exchange. The Company is focused on the acquisition, exploration, production, and development of mining properties. The Company's properties are in Quebec, Canada, primarily in the spodumene-bearing pegmatites of the La Corne Batholith, around North American Lithium's Quebec Lithium Mine.

For more information:
Rene Bharti, Chief Executive Officer and President
Email: [email protected]
Phone: (416) 861-5800
www.jourdaninc.com

Cautionary statements

This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to the First Tranche and the Offering, including the Company's intended use of net proceeds, receipt of final approval of the TSX Venture Exchange, and other matters related thereto. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".  Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Jourdan to be materially different from those expressed or implied by such forward-looking information, including but not limited to: receipt of necessary approvals; general business, economic, competitive, political and social uncertainties; future mineral prices and market demand; accidents, labour disputes and shortages and other risks of the mining industry. Although Jourdan has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Jourdan does not undertake to update any forward-looking information, except in accordance with applicable securities laws.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.