James Bay Resources Limited announced a non-brokered private placement of 7,000,000 units at CAD 1 per unit for gross proceeds of CAD 7,000,000 on December 23, 2013. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to acquire one common share of the company at an exercise price of CAD 1.25 per share for a period of three years from the date of issuance. The transaction may take place in tranches. The company will pay finder's fee of 6% in cash and 6% in broker warrants exercisable to acquire common shares to eligible finders in connection with the transaction. The financing is a condition to obtaining the subsequent debt financing needed to complete the change of business of the company. The company will obtain written approval from shareholders holding greater than 50% of the outstanding common shares authorizing the equity financing before it can be closed. The equity private placement will be completed prior to the change of business of the company. The securities issued will be subject to the hold period of four months from the date of closing and will have a TSX Venture legend restricting transfer until completion of the change of business. The transaction is subject to the TSX Venture acceptance of requisite regulatory filings.

As of December 31, 2013, the company has received advance proceeds of CAD 1,170,004 in the transaction, which has been recorded as subscription payable but no securities were issued by the company.

On January 30, 2014, the company announced that it has issued 1,930,424 units for gross proceeds of CAD 1,930,424 in its first tranche. The company also announced that it has obtained written approval from the shareholders for the transaction. A director and the President, who is also the Chief Executive Office and a director of the company, participated in the first tranche for gross proceeds of CAD 500,000 and CAD 100,000, respectively. The company issued 60,397 finder's warrants and paid CAD 60,397 in cash as finder's fees to one eligible arm's length finder. Each finder's warrant entitles the holder to acquire one common share at a price of CAD 1 for a period of three years after issuance. The company paid a total amount of CAD 282,291 for commission, filing fees, legal and other share issuance costs in connection with the first tranche. All the warrants issued in the first tranche will expire on January 31, 2017.

On June 4, 2014, the company issued 470,000 units for gross proceeds of CAD 470,000 in its second tranche of the transaction. No finder's fee was paid in the second tranche. The company issued a total of 2,400,424 units for gross proceeds of CAD 2,400,424 till date in the transaction. The TSX Venture Exchange has accepted filing documentation with respect to the first tranche and second tranche of the transaction. The transaction included participation from 10 placees, including Stephen Shefsky, a director of the company, for 500,000 units and Jon Pereira, President, Chief Executive Office and a director of the company, for 100,000 units. Afridev Capital Partners Ltd. acted as the finder for the company in the transaction. In connection with the second tranche, the company paid to Angelina Valinurova and Alkebulan Ltd. a cash finder's fee of CAD 28,200 and issued 28,200 finder's warrants.