Business
Platinex Completes Second Closing of Private Placement
Platinex Completes Second Closing of Private Placement.
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nAURORA, ON, Aug. 14 /CNW/ - Platinex Inc. (TSX Venture: PTX), today\nreported that it has concluded a further financing that raised $756,0000 in\ngross proceeds, further to the non-brokered private placement of Platinex\nsecurities first announced on August 2nd. The securities are subject to a\nfour-month hold period expiring December 11, 2007.\n\n\nPlatinex has concluded a non-brokered private placement of $750,000 of\nflow-through units to the MineralFields Group. The units consist of 2,142,856\nflow-through units ("FT Units") to be sold for $0.35 per unit. Each FT Unit\nconsists of one flow-through common share and one warrant. Each warrant grants\nthe right to purchase one non-flow-through common share at $0.60 per share\nduring the first year following closing and at $0.75 per share during the\nsecond year following closing.\n\n\nThe Company paid a 5% cash commission to the finder, Limited Market\nDealer Inc., in respect of the sale of FT Units and issued finder options\ngranting the finder the right to purchase 214,286 units (the "LMD Units") for\n$0.35 per unit within 24 months from the closing date. Each LMD Unit is the\nsame as a FT Unit, except that the common share forming part of an LMD Unit is\na non-flow-through common share. The Company will pay the finder a 5% due\ndiligence fee.\n\n\nPlatinex also concluded the sale of 20,000 non-flow-through units ("NFT\nUnits") for gross proceeds of $6,000. The NFT Units were sold for $0.30 per\nunit. Each NFT Unit consists of one non-flow-through common share and one\nwarrant. Each warrant grants the right to purchase one non-flow-through common\nshare at $0.35 per share during the 24 months following closing. The Company\npaid an 8% cash commission to finders in respect of the NFT Units and issued\nan 8% finder warrants granting finders the right to purchase NFT Units for\n$0.30 per unit within 24 months from the closing date.\n\n\nOf the financing for $3,500,000 announced on August 2, 2007, Platinex has\nnow closed $1,686,300 and is seeking to raise the remainder prior to\nAugust 31, 2007.\n\n\n"We are very pleased to be renewing Platinex's relationship with\nMineralFields Group," said President and CEO, James R. Trusler. "This is an\nimportant milestone in the growth of Platinex Inc. and we look forward to\nworking with ...