Olitra announces private placement

LES MINES J.A.G. LTÉE
« JML » BOURSE DE CROISSANCE TSX

MONTREAL, Feb. 23, 2012 /CNW Telbec/ - J.A.G. Mines Ltd (JML) is pleased to announce that its majority-owned subsidiary Olitra Inc. (OLITRA) is currently completing a private placement in the amount of one million dollars ($1,000,000). This placement is being offered in units of $5,000 to arm's length accredited investors.

OLITRA plans to issue a total of eight million (8,000,000) shares at a price of $ 0.125 per share. As a result of this financing, JAG's equity position in OLITRA will be reduced by 9.5% - from 67% to 57.5%. Olitra will use these proceeds to support its working capital requirements.

Pursuant to the closing of its private placement, OLITRA plans to file a Listing request with the TSX Ventures exchange in conjunction with the release of its year-end financial statements.

Exploration activities continue on OLITRA's conventional oil and gas properties, with a particular focus on the Temiscouata property, where the company is planning to complete a stratification drill hole campaign in 2012.

*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.

Pierre Gévry, President
Les Mines J.A.G. Ltée
Email :  [email protected]
Tel :      [phone]
Fax :     [phone]
 
Charles Alexander, President
Olitra Inc.
E-mail :  [email protected]
Tel :     [phone]
Fax :   [phone]
Site web :  olitrainc.com