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James Bay Resources (CSE: JBR) New Listing

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Concurrent with its new CSE listing, the company has de-listed from the TSX Venture Exchange. In 2011, the company announced that it was conducting due diligence to identify potential oil and gas acquisition targets in Nigeria, and in 2012, the company signed an agreement to acquire a 47% interest in the Ogedeh Project.

Additional Information:

Company: James Bay Resources
Website: http://www.jamesbayresources.com/
Stock Symbol: CSE: JBR
Date Published: Oct 29, 2014
Transcript: Available

Video Transcript:

I’m Samantha Deutscher for Investmentpitch Media

James Bay Resources is one of the latest new listings on the Canadian Securities Exchange, and is trading under the symbol “JBR”.

Concurrent with its new CSE listing, the company has de-listed from the TSX Venture Exchange.

In 2011, the company announced that it was conducting due diligence to identify potential oil and gas acquisition targets in Nigeria, and in 2012, the company signed an agreement to acquire a 47% interest in the Ogedeh Project.

In October 2012, the company applied to the TSX Venture Exchange, seeking conditional approval of its change of business from a mining issuer to an oil and gas issuer.

As a result of the company’s change in focus, its Canadian mining property was written off.

Since that time, James Bay has been working to secure the financing required to complete the proposed change of business.

The company recently announced the closing of the third and final tranche of its private placement financing.

In total, the company issued 6.2 million units at $1.00 per unit, and raised gross proceeds of $6.2 million.

Each unit consisted of one common share and one warrant exercisable at $1.25 for 36 months.

The Ogedeh Field, originally discovered by Chevron in 1993, is a shallow water offshore field covering approximately 40 square kilometres.

In January 2013, the company published a NI 51-101 compliant assessment of the Ogedeh Field produced by Sproule International, which is available on the company’s website.

James Bay believes re-entry into one of the old wells is possible, and the field can be developed in the near term in a cost effective manner.

The company continues to evaluate a number of opportunities that offer near-term production potential.

Nigeria is Africa’s largest oil producer, ranking #14 globally for production and #10 for reserves, with its benchmark oil, known as Bony Light, regarded as one of the world's premier oils, given its low density and low sulphur content.

The company has 34.3 million shares outstanding.

For more information, please visit the company’s website, www.jamesbayresources.com or contact Stephen Shefsky, President & CEO at 416-366-4200 or by email atsshefsky@jamesbayresources.com..

I’m Samantha Deutscher for Investmentpitch Media
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