Platinex Inc. and Treasury Metals Inc. to Consolidate Adjoining Projects to Advance Shining Tree Gold Property, Ontario

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[{"type":"text","content":"\n\n\n\nPlatinex Inc. and Treasury Metals Inc. to Consolidate Adjoining Projects to Advance Shining Tree Gold Property, Ontario\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nTORONTO, March 11, 2020\n\n\n\nTSX: TMLOTCQX: TSRMF\n TORONTO, March 11, 2020 /CNW/ - Treasury Metals Inc. (TSX: TML) and Platinex Inc. (CSE: PTX) (\"Platinex\") have entered into a non-binding heads of agreement between the two companies (the \"Transaction\") to create the largest combined gold focused property package in the Shining Tree District, in northern Ontario. The highlights of the agreement are, namely:\nTreasury will transfer a 100% interest in its 280 claim unit 5,045 Ha. (12,466 ac.) Shining Tree Fawcett East property (the \"Shining Tree East Property\") to Platinex, to create the largest combined gold focused property package in the Shining Tree District, in northern Ontario (the \"Shining Tree Property\"). The Shining Tree Property is located on 21 kilometres of the Tyrrell-Ridout Deformation Zone which also hosts both IAMGOLD's Côté Lake gold deposit and Pan American's Juby deposit;Treasury will transfer to Platinex royalties comprising four Ontario and Chile based exploration projects covering gold, PGM's and base metal opportunities (the \"Royalties\") to enhance Platinex's existing royalty portfolio;In consideration for acquiring the Shining Tree East Property and the Royalties, Platinex will issue to Treasury 12,500,000 common shares (\"Consideration Shares\") of Platinex and 5,000,000 non-transferable common share purchase warrants (\"Consideration Warrants\") of Platinex.  Each Consideration Warrant will be exercisable at a price of $0.05 per share for a period of three years from the date of issuance, provided that if the closing price of the common shares of Platinex (\"Platinex Shares\") is equal to or greater than $0.30 for a period of 20 consecutive trading days, Platinex will have the right to increase the exercise price of the Consideration Warrants by giving a written notice to Treasury that the exercise price shall be increased ...

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