Business
Platinex to Issue KI Warrants in Trust
Platinex to Issue KI Warrants in Trust.
About this update from Ptx Metals Inc
[{"type":"text","content":"\n\n\n\nAURORA, ON, Oct. 24 /CNW/ - Platinex Inc. (TSX Venture: PTX), reported\ntoday that it intends to issue 500,000 warrants in trust for the\nKitchenuhmaykoosib Inninuwug First Nation ("KI") subject to approval by the\nTSX Venture Exchange.\n\n\nIn his decision of May 22, 2007, Mr. Justice Smith of the Ontario\nSuperior Court of Justice made a declaratory order which imposed a memorandum\nof understanding on Platinex, KI and the Government of Ontario. One of the\nterms of the memorandum of understanding was that Platinex would agree to\nissue up to 500,000 warrants to KI in connection with the 24 drill hole\nprogram proposed for Platinex's Big Trout Lake property ("Phase I"). The\nwarrants are to have an expiry date two years after the date of issuance and\nan exercise price of $0.40 per common share. The memorandum of understanding\nalso provides that Platinex will establish a fund to benefit the KI community\nand that Platinex will contribute 2% of all monies spent by Platinex in\nconnection with Phase 1 to that fund.\n\n\nPlatinex will be appearing in the Ontario Superior Court of Justice on\nOctober 25, 2007, in Thunder Bay, Ontario, concerning the Phase I drilling\nprogram. Subject to any further direction from the Court and approval by the\nTSX Venture Exchange, Platinex intends to proceed to issue the KI warrants in\nthe name of a trustee, for release upon acceptance by KI, or as otherwise\ndirected by the Court, in connection with the Phase I drilling program. The\nwarrants and the underlying shares will be subject to the usual hold period\nexpiring four months from the date of issuance of the warrants.\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 ...