Business
Platinex Closes $525,000 of Private Placement
/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/ TORONTO, Oct. 3 /CNW/ - Platinex Inc...
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\n/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/\n\n\nTORONTO, Oct. 3 /CNW/ - Platinex Inc. (TSX-V: PTX), a mineral exploration\ncompany, announced today that it has completed an non-brokered private\nplacement of units (the "Units") and flow-through common shares for gross\nproceeds of $525,000. This is the first closing of the offering announced by\nPlatinex on October 2, 2008.\n\n\nEach Unit consisted of one non-flow-through common share and one warrant.\nEach warrant grants the right to purchase one non-flow-through common share at\n$0.35 per share until October 3, 2010. If the daily weighted average trading\nprice of the common shares is over $0.70 per share for a period of 20\nconsecutive trading days ending more than four months after the last closing,\nPlatinex may accelerate the expiry date of the warrants.\n\n\nThe Units were issued for $0.125 each. The flow-through common shares\nwere issued for $0.15 each. At the closing, Platinex issued a total of\n3,883,333 common shares and 2,300,000 warrants. The common shares and common\nshare purchase warrants are subject to a four-month hold period which expires\non February 4, 2009.\n\n\nAbout Platinex Inc.\n\n\nPlatinex is a Canadian exploration company based near Toronto. Platinex\nfocuses on carefully selected Platinum Group Element targets in settings\nanalogous to the JM reef (Stillwater Complex, Montana) and the Merensky and\nUG2 reefs (Bushveld Complex, RSA) and opportunistic acquisition and\nexploration of other selected precious metal targets. Platinex is determined\nto find platinum sources to be used in the campaign to eliminate the threat of\nglobal warming. Shares of Platinex are listed for trading on the TSX Venture\nExchange under the symbol "PTX".\n\n\nFORWARD-LOOKING STATEMENTS:\n\n\nExcept for statements of historical fact, all statements in this news\nrelease - including, without limitation, statements regarding future plans and\nobjectives, are forward-looking statements that involve various risks and\nuncertainties. There can be no assurance that such statements will prove to be\naccurate; actual results and future events could differ materially from those\nanticipated in such statements.\n\n\nTHE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT\nRESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.\...