“DRILLING JAMES BAY” is back!
SIDEX and the SDBJ Mining Fund
Join Forces again
A financing initiative for drilling on Québec’s James Bay
territory for junior mining companies
SIDEX and Mining Investment Fund SDBJ (“SDBJ”) have joined forces to launch DRILLING JAMES BAY 2022, an initiative designed to encourage junior mining companies to test new drilling targets on Québec’s James Bay territory during winter 2022.
The $1.5 million initiative is available for a limited time and is open to all companies with a drilling project on Québec’s James Bay territory, provided it is consistent with the missions of SIDEX and SDBJ.
Designed to finance drilling programs, “DRILLING JAMES BAY 2022” offers financing of $200,000 to $350,000 per company in equity based on market conditions. To qualify the company will need to conduct a drilling program of $300,000 to $525,000 depending on the amount of financing provided.
Paul Carmel, President and CEO of SIDEX, commented: “We are pleased to pursue this initiative with SDBJ to accelerate the emergence of new mineral discoveries on the James Bay territory of Québec”.
SDBJ President and CEO Alain Coulombe added: “Once again this year, the Drilling James Bay program will help meet the needs of mining companies in the James Bay territory and promote the renewal of the region’s mineral resources.”
In order to qualify for financing, companies must meet certain criteria, among others:
- Be listed on the TSX or TSX-V;
- Have respected the applicable Securities Law for at least 3 years;
- Have no working capital deficiency at the time of application;
- Have a sustainable development policy in place visible on the company’s website;
- Have an independent board of directors (as per Regulation 52-110 of the Securities Act);
- Have administrative expenses that are in line with the company’s size;
- Work will need to be performed by a member in good standing with the Ordre des géologues du Québec or the Ordre des ingénieurs du Québec.
Eligible companies are invited to contact either SIDEX or SDBJ and submit an application containing the required information. Complete files will be processed in order of date of receipt and accepted until March 30, 2022 or until the $1.5 million budget is exhausted. SIDEX and SDBJ will base their decision on the technical quality of the projects and the strategy of the management team. Testing of new targets will be favored. A due diligence and approval process has been put in place to speed up the investments.
The proposed exploration program must be completed before the end of spring 2022 and a summary of the work performed and a statement of expenses sent to SIDEX by June 30, 2022.
Applicants will be charged a 4 % administrative fee.
HOW TO OBTAIN FINANCING
“DRILLING JAMES BAY”
The following documents must be submitted along with the application.
- A copy of the company’s sustainable development policy;
- Documents on the company’s current financial situation:
- Last quarter;
- Confirmation of positive working capital on the date of application and description of any type of obligation in respect of exploration expenses and payments to maintain an interest in the company’s properties in 2022;
- Evaluation of the board of director’s independence in the information circular.
- Summary report on the project, including:
- Brief background;
- Property rights;
- Exploration drilling program (excluding definition drilling) and objectives;
Post-investment, due by June 30, 2022
The work contemplated by the financing must be completed by the end of spring 2022
and a summary report submitted by June 30, 2022 containing:
- A description of the work performed;
- A statement of expenses ($300,000 to $525,000 for the drilling campaign depending on the amount of financing provided).
SIDEX is an initiative of the Québec government and the Fonds de solidarité FTQ whose mission is to invest in companies engaged in mineral exploration in Québec to diversify the province’s mineral base, promote innovation and support new entrepreneurs.
Simon T. Hébert, géo
Mining Investment Fund Manager
Telephone: 418 748-7777, ext. 5222