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Platinex Announces Acquisition of Ontario Gold Assets, Shining Tree Joint Venture with Fancamp Exploration and $2.5M Equity Financing
TORONTO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. ("Platinex" or the "Company") (CSE:PTX) is pleased to announce that it has entered into a binding heads
About this update from Ptx Metals Inc
[{"type":"text","content":" TORONTO, Feb. 06, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (\"Platinex\" or the \"Company\") (CSE:PTX) is pleased to announce that it has entered into a binding heads of agreement dated February 6, 2023 with Fancamp Exploration Ltd. (\"Fancamp\") (TSXV: FNC) with respect to advancing the exploration and development of certain gold mineral properties owned by the parties located in Ontario in the Timmins mining camp (the \"Transaction\") (see attached map). The Transaction includes several components, pursuant to which (i) Platinex and Fancamp will transfer certain mining properties which they currently hold to South Timmins Mining Inc. (\"Goldco\"), currently a 100% wholly owned subsidiary of Platinex; (ii) enter into a shareholders' agreement respecting the operations of Goldco; (iii) Platinex will conduct a non-brokered private placement of flow- through units; and (iv) Platinex will conduct a private placement of non-flow-through units, of which Fancamp will subscribe for 9.5% of the issued and outstanding shares of Platinex, all as more particularly described below. Greg Ferron, President, and Chief Executive Officer of Platinex, said, \"The Transaction achieves a number of goals for Platinex. It creates a stronger gold-focused growth vehicle in a world class Ontario gold camp and brings in a strong joint venture partner, Fancamp with access to capital and technical expertise, allowing us to accelerate exploration at Shining Tree Gold Project. The newly acquired Heenan Mallard Gold project which borders IAMGOLD’s Côté Gold Project, and the Shining Tree Gold Property are expected to be the first projects to be drilled. The Transaction provides a clear strategy for the enhanced gold portfolio while retaining a 100% ownership of our high-quality W2 Ni-Cu project and the recently acquired Muskrat Dam Critical Minerals Project.\" Subject to any regulatory approvals or filings, the Transaction is expected to close on or about February 24, 2023 (the \"Closing Date\"), or on such other date and time as is mutually agreed to between Platinex and Fancamp. Details of the Transaction Property Transfers Platinex will transfer its district scale Shining Tree gold mineral project located in the Shining Tree District of Ontario, consisting of 1,136 unpatented mining claims and one mining lease (the \"Shining Tree Properties\") to Goldco in c...