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Platinex Announces Flow Through Financing
TORONTO, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce that the
About this update from Ptx Metals Inc
[{"type":"text","content":" TORONTO, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce that the Company has arranged a $1 million flow through financing of which $525,000 has closed (the “FT Offering”). The Company issued 13,125,000 flow through common shares at a price of C$0.04 per share (“FT common share”). The Company anticipates closing a final tranche of the Offering shortly. Each FT common share consists of one common share of the Company. The Company will use the gross proceeds of the FT Offering to incur eligible Canadian exploration expenses that are “flow-through critical mineral mining expenditures” and will qualify as flow-through mining expenditure as such terms are defined in the Income Tax Act (Canada) related to the W2 Copper Nickel PGE Project, on or before Dec. 31, 2024. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2023. All securities issued in connection with this Offering are subject to a four month plus one day hold period from the Closing date in accordance with applicable securities laws. The closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals. The Company may pay finder's fees to eligible finders in connection with the Offering. About W2 W2 is a district scale land package comprised of 1,122 cell units covering 22,094 ha (220 km2) in an area of world-class geological targets located in the Oxford Stull Dome Complex near Ontario’s Ring of Fire. W2 controls the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”), which is highly prospective for copper-nickel (Cu-Ni), platinum group element (PGE), gold and chromite deposits. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralization in the mafic- ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system, and therefore a potential significant abundance of metals in each intrusion. Historical work, including approximately 20,000 metres of drilling in the W2 area by operators such as INCO and Aurora Platinum, has been delineated at least seven significant mineralized zones within a 7.5 km long folded corridor near the centre of the land ...