Business
Platinex Completes First Closing of Private Placement
Platinex Completes First Closing of Private Placement.
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nAURORA, ON, Aug. 9 /CNW/ - Platinex Inc. (TSX Venture: PTX) today\nreported that further to the announcement on August 2nd the Company completed\nits first closing of a non-brokered private placement for gross proceeds of\n$930,300 on August 8, 2007, comprised of 2,116,001 non-flow-through units (the\n"NFT Units") and 850,000 flow-through common shares. The common shares are\nsubject to a four-month hold period expiring December 9, 2007.\n\n\nFlow-through common shares were sold at $0.35 per share. The NFT Units\nwere sold at $0.30 per unit. Each NFT Unit consists of one non-flow-through\ncommon share and one warrant. Each warrant grants the right to purchase one\nnon-flow-through common share at $0.35 per share during the 24 months\nfollowing closing.\n\n\nProceeds of the private placement will be used to pay outstanding debts,\nfor exploration and for working capital purposes. Subject to regulatory\napproval, this is the first of several closings, which are now expected to be\nfully completed on or about August 31, 2007.\n\n\nJames R. Trusler, President and CEO of Platinex Inc., stated, "I am\npleased with the success of the financing as it gives recognition to the\ntremendous potential of the Big Trout Lake property and supports Platinex's\nplans to explore the property in cooperation with the local First Nations."\n\n\nTerms for payment of finder's fees remain as stated in the Company's\npress release dated August 2, 2007.\n\n\nAccounting for the private placement, there are 18,263,763 issued and\noutstanding common shares of Platinex Inc.\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). Platinex is determined to find platinum\nsources to be used in the campaign to eliminate the threat of global warming.\nShares of Platinex are listed for trading on the TSX Venture Exchange under\nthe 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\nuncert...