Business
Platinex Closes Acquisition of Ontario Gold Assets, South Timmins Joint Venture and $2.7M Equity Financing
TORONTO, March 15, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. ("Platinex" or the "Company") (CSE:PTX) is pleased to announce that it has completed the previously an
About this update from Ptx Metals Inc
[{"type":"text","content":" TORONTO, March 15, 2023 (GLOBE NEWSWIRE) -- Platinex Inc. (\"Platinex\" or the \"Company\") (CSE:PTX) is pleased to announce that it has completed the previously announced private placement raising gross proceeds of $2,700,840 which was oversubscribed due to market demand. In addition, the Company wishes to announce the completion of the binding heads of agreement 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 the Timmins, Ontario mining camp (the \"Transaction\") (see press releases of the Company dated February 6, 2023 and March 10, 2023, for further details). Greg Ferron, President, and Chief Executive Officer of Platinex, stated: “we would like to thank all new investors and existing shareholders of the Company that participated in the placement. We look forward to Fancamp’s input on Platinex’s board, as a joint venture partner and as a member of the South Timmins technical committee. We are excited to advance the South Timmins joint venture projects, both of which are extremely well situated on the Ridout Deformation Zone, with the newly acquired Heenan Mallard gold project bordering IAMGOLD’s Côté Gold project and the Shining Tree gold property bordering Aris’s Juby gold deposit. Exploration plans for 2023 are being developed and we will provide an update as those plans are finalized.” Platinex Financings Platinex has raised $2,119,540 of units (\"Units\") at a price of $0.04 per Unit by issuing 52,187,797 Units (the \"Non-FT Offering\"). The Company also raised $581,300 of flow-through units (the \"FT Units\") at a price of $0.045 per FT Unit (the \"FT Offering\") by issuing 13,640,000 FT Units. The Company provided details of the first tranche in a press release dated March 10, 2023. Each Unit is comprised of one common share of the Company and one half of one common share purchase warrant, with each whole warrant exercisable into one common share of the Company at a price of $0.055 at any time on or before the date which is 60 months from the closing of the Non- FT Offering. Each FT Unit is comprised of one common share of the Company to be issued as a \"flow-through share\" within the meaning of the Income Tax Act (Canada) (each, a \"FT Share\") and one half of one common share purchase...