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Platinex Announces Increased Flow Through Financing and Receipt of Study Results on the W2 Copper-Nickel-PGE Project in Northern Ontario
TORONTO, Dec. 01, 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, Dec. 01, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“Platinex” or the “Company”) is pleased to announce that the Company has increased its previously announced flow through financing (see press release dated Nov 27, 2023) to $1,500,000 (“the FT Offering”). The flow through common shares are priced at C$0.04 per share (“FT common share”). Each FT common share consists of one common share of the Company. The closing of this final tranche of the FT Offering is underway and is expected to be completed shortly. 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 advancing 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 the FT 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 FT 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 FT Offering. Platinex Completes Geological Compilation and 3D Modelling Program on W2 Copper-Nickel-PGE Project Platinex is also pleased to announce results from the geological compilation and 3D modelling program completed by BAW Mining Inc. (“BAW”) on its 100% owned W2 Copper-Nickel-PGE project located in a region of world-class geological targets near Northern Ontario’s Ring of Fire. In total, 71 holes totalling 12,157 metres drilled by historical operators (Aurora Platinum, Canadian Nickel/INCO, and KWG Resources) were compiled into digital format. BAW completed one geological model, one moderate-grade mineralization model (calculated as copper equivalent (CuEq)1 grades over 0.3%) and one high-grade mineralization model with CuEq over 0.8% based on the compiled data. Key findings of the modelling program include: Moderate-grade mineralization is extensive (over 6 km strike length) in the central area of the W2 project ...