Business
Platinex to Undertake Private Placements
/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/ AURORA, ON, Oct. 2 /CNW/ - Platinex ...
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\nAURORA, ON, Oct. 2 /CNW/ - Platinex Inc. (TSX-V: PTX), a Canadian\nexploration company, announced today that it is seeking to raise up to\n$1,400,000 of gross proceeds through a non-brokered private placement of units\n(the "Units") and flow-through common shares.\n\n\nProceeds from the private placement of flow-through shares will be used\nto pay for exploration activities and proceeds from the private placement of\nUnits will be used for working capital purposes. The private placement is\nsubject to regulatory approval and is expected to close in one or more\nclosings ending no later than October 15, 2008.\n\n\nFlow-though common shares are to be sold for $0.15 per share. The Units\nare to be sold for $0.125 per Unit.\n\n\nEach Unit consists 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 during the 24 months following closing. If the daily weighted\naverage trading price of the common shares is over $0.70 per share for a\nperiod of 20 consecutive trading days ending more than 4 months after the last\nclosing date, the Company may accelerate the expiry date of the warrants.\n\n\nThe Company will pay a cash commission of up to 8% to finders in respect\nof the flow-through common shares and the Units.\n\n\nCurrently, the Company has 25,891,548 shares outstanding and 12,528,027\nwarrants and options outstanding at exercises prices ranging from $0.14 to\n$0.67.\n\n\nThis news release shall not constitute an offer to sell or the\nsolicitation of an offer to buy any securities in any jurisdiction.\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). Opportunistic acquisition and exploration\nof other selected precious metal targets is secondary, but will enable the\nCompany to grow faster. Platinex is determined to find platinum sources to be\nused in the campaign to eliminate the threat of global warming. Shares of\nPlatinex are listed for trading on the TSX Venture Exchange under the symbol\nPTX.\n\n\nFORWARD-LOOKIN...