Business
Osisko Gold Royalties Provides Royalty Financing to PJX Resources
TORONTO, ON / ACCESSWIRE / February 9, 2021 / PJX Resources Inc. ("PJX" or "the Company") (T...
About this update from Pjx Resources Inc.
[{"type":"text","content":"Osisko Gold Royalties Provides Royalty Financing to PJX ResourcesTORONTO, ON / ACCESSWIRE / February 9, 2021 / PJX Resources Inc. (\"PJX\" or \"the Company\") (TSXV:PJX)(OTC PINK:PJXRF) is pleased to announce that it has entered into an investment agreement (\"Investment Agreement\") with Osisko Gold Royalties Ltd (\"Osisko\") pursuant to which Osisko has agreed to (i) purchase 6,250,000 common shares of PJX at a subscription price equal to C$0.16 per share, for an aggregate purchase price of C$1,000,000, and (ii) acquire a 0.5% net smelter return royalty (\"NSR\") on the Company's Gold Shear, Eddy, Zinger and Dewdney Trail properties for aggregate cash consideration of C$1,000,000.John Keating, President and CEO of PJX commented, \"Osisko has an exceptional track record in making early-stage investments in gold deposit discovery and development. Their investment in the Vulcan Gold Belt is validation of the work PJX has done to date. PJX has consolidated 100% of the mineral rights to the largest land holdings in the Vulcan Gold Belt in southeastern, BC, Canada. Over 15 gold target areas have been identified to date with potential for more. We look forward to Osisko's support and the opportunity to consult with their team to explore and develop the gold potential.\"The Company intends to use the net proceeds from the sale of the common shares and the NSR for expenditures on the Gold Shear, Eddy, Zinger and Dewdney Trail properties located in the Vulcan Gold Belt and for general working capital.All securities issued to Osisko pursuant to the Investment Agreement are subject to a statutory four month hold period. The issuance of the securities is subject to the final approval of the TSX Venture Exchange. The transaction is expected to close by the end of February, 2021.Vulcan Gold Belt HighlightsTarget type: Orogenic and Magmatic Gold Trend with Fort Knox, Telfer, Sukhoi Log and other deposit type potential.Only place in North America where two regional crustal penetrating structures associated with gold deposits and gold mining camps in Canada and the United States intersect.Estimated 1.5 million ounces of placer gold produced since 1864 gold rush.Significantly underexplored - no bedrock source of placer gold identified to date - fewer than 150 holes drilled for gold exploration on entire 60 km trend.First time that 100% owned min...