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PJX Resources Proposes Extension of Warrants And Provides Exploration Update
TORONTO, ON / ACCESSWIRE / September 18, 2023 / PJX Resources Inc. ("PJX" or "the Company") is p...
About this update from Pjx Resources Inc.
[{"type":"text","content":"PJX Resources Proposes Extension of Warrants And Provides Exploration UpdateTORONTO, ON / ACCESSWIRE / September 18, 2023 / PJX Resources Inc. (\"PJX\" or \"the Company\") is pleased to announce that, subject to TSX Venture Exchange approval, the Company intends to further extend the expiry dates of 9,350,400 share purchase warrants, (the \"Warrants\") by 12 months to October 5, 2024. The Warrants were issued pursuant to a private placement announced on September 21, 2020 and accepted for filing by the TSX Venture Exchange on October 6, 2020. The Warrants are exercisable at $0.20 per share and are currently set to expire on October 5, 2023. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval of the TSXV of the Warrant Extension, a material change report in respect of the Warrant Extension will be filed by the Company.A total of 920,000 of the affected Warrants are held by parties considered to be \"related parties\" of the Company. Therefore, the amendment of Warrants constitutes a \"related party transaction\" as contemplated by Multilateral Instrument 61-101 Protection of Minority Shareholders in Special Transactions, and TSXV Policy 5.9 - Protection of Minority Shareholders in Special Transactions. However, the exemptions from formal valuation and minority approval requirements provided for by these guidelines can be relied upon as the fair market value of the Warrants held by insiders does not exceed 25% of the market capitalization of the Company.EXPLORATION UPDATEExploration by PJX Resources this year continues to discover new zones of mineralisation almost every week on the Dewdney Trail Property.The district scale 107 km² Dewdney Trail Property is in the Sullivan Mining District in a Tier 1 jurisdiction. Examples of mineralisation discovered to date include:Massive sulphide with anomalous copper, cobalt, silver and nickel in Proterozoic age sediments- possibly similar in style to Mt. Isa.A few kilometres to the south is stratigraphy with anomalous zinc and lead mineralisation disseminated and bedding conformable bands.About 3 kilometres further south and west are stacked bedding conformable gold bearing veins with grab samples up to 63 g/t gold.A further 1.5 km south are Iron-Oxide breccias with copper mineralisation.These mineralised zones all occur along a ...