Platinex Inc. Closes Acquisition of Ontario Gold Assets, South Timmins Joint Venture and $2.7M Equity Financing

Platinex Inc. Closes Acquisition of Ontario Gold Assets, South Timmins Joint Venture and $2.7M Equity Financing

 

Platinex Inc. (" Platinex " or the " Company ") (CSE:PTX) is pleased to announce that it has completed the previously announced private placement raising gross proceeds of $2,700,840 which was oversubscribed due to market demand. In addition, the Company wishes to announce the completion of the binding heads of agreement with Fancamp Exploration Ltd. (" Fancamp ") (TSXV: FNC) with respect to advancing the exploration and development of certain gold mineral properties owned by the parties located in the Timmins, Ontario mining camp (the " Transaction ") (see press releases of the Company dated February 6, 2023 and March 10, 2023, for further details).

 

Greg Ferron, President, and Chief Executive Officer of Platinex, stated: "we would like to thank all new investors and existing shareholders of the Company that participated in the placement. We look forward to Fancamp's input on Platinex's board, as a joint venture partner and as a member of the South Timmins technical committee. We are excited to advance the South Timmins joint venture projects, both of which are extremely well situated on the Ridout Deformation Zone, with the newly acquired Heenan Mallard gold project bordering IAMGOLD's Côté Gold project and the Shining Tree gold property bordering Aris's Juby gold deposit. Exploration plans for 2023 are being developed and we will provide an update as those plans are finalized."

 

  Platinex Financings  

 

 Platinex has raised $2,119,540 of units (" Units ") at a price of $0.04 per Unit by issuing 52,187,797 Units (the " Non-FT Offering "). The Company also raised $581,300 of flow-through units (the " FT Units ") at a price of $0.045 per FT Unit (the " FT Offering ") by issuing 13,640,000 FT Units.

 

The Company provided details of the first tranche in a press release dated March 10, 2023.

 

Each Unit is comprised of one common share of the Company and one half of one common share purchase warrant, with each whole warrant exercisable into one common share of the Company at a price of $0.055 at any time on or before the date which is 60 months from the closing of the Non- FT Offering.

 

Each FT Unit is comprised of one common share of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a " FT Share ") and one half of one common share purchase warrant (each whole such warrant, a " Warrant "). Each Warrant shall be exercisable into one non-flow-through common share of the Company at a price of $0.055 per share at any time on or before the date which is 60 months after the closing date of the FT Offering. The Warrants will be subject to an acceleration clause requiring the exercise of the Warrants if the Platinex share price closes on the Canadian Securities Exchange at $0.15 or greater for 20 consecutive trading days.

 

The gross proceeds of the FT Offering will be used by Platinex to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the " Qualifying Expenditures ") related to the gold projects including the Shining Tree Properties and Swayze Properties on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2023.

 

The Company paid finder's fees of $55,028 and issued 1,301,027 finder's warrants in relation to the financings. Each finder's warrant entitles the holder to purchase one common share of the Company at a price of $0.05 per share for a period of 24 months from closing. All shares issued pursuant to this offering and any shares issued pursuant to the exercise of warrants will be subject to a four-month hold period from the date of issuance.

 

The TSX Venture Exchange has provided its conditional acceptance of the Transaction in respect of Fancamp's participation. The FT Offering and Non-FT Offering are subject to receipt of all necessary regulatory approvals including the Canadian Securities Exchange.

 

The FT Offering constituted a related party transaction within the meaning of Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (" MI 61-101 ") as insiders of the Company subscribed for a total of 755,556 FT Units (Greg Ferron, President and Chief Executive Officer – 555,556 FT Units and Graham Warren, Chief Financial Officer – 200,000 FT Units). The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in section 5.7(1)(a) of MI 61-101, as the Company's the fair market value of the participation in the FT Offering by the insiders does not exceed 25% of the market capitalization of the Company in accordance with MI 61-101. The Company did not file a material change report in respect of the related party transaction at least 21 days before the closing of the of the FT Offering, which the Company deems reasonable in the circumstances in order to complete the FT Offering in an expeditious manner.

 

  About Platinex Inc.  

 

 Platinex Inc. creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. Current assets include: a 100% ownership interest in the W2 Copper-Nickel-PGE Project near the Ring of Fire; a 75% interest in the South Timmins Mining JV with Fancamp Exploration, which includes the 225 sq. km Shining Tree Gold Project and the highly prospective Heenan Mallard Gold Project, both of which lie along the Ridout-Tyrell Deformation Zone on strike with IAMGOLD's Côté Gold deposits;  and, an option to earn a 100% ownership interest in the Muskrat Dam Critical Minerals Project with a primary focus on Lithium. Platinex also holds a basket of net smelter return (NSR) royalties on gold, PGE, and base metal properties in Ontario. Having put together a strong and diversified project portfolio and leading technical team, the Company is focused on comprehensively exploring and evaluating each project in order to maximize shareholder value. Platinex is based in Toronto, Canada with a primary listing on the Canadian Securities Exchange under the symbol PTX

 

For additional information on Platinex and other corporate information, please visit the Company's website at https://platinex.com/ .

 

  For further information, please contact:  

 

Greg Ferron, President, and Chief Executive Officer

 

Phone: 416-270-5042

 

Email: gferron@platinex.com  

 

  Forward-Looking Information  

 

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Such forward-looking statements include without limitation, the receipt of final approval of the Transaction from the TSXV in respect of Fancamp and approval of the CSE in respect of the Company. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and includes those risks set out in the Company's management's discussion and analysis as filed under the Company's profile at www.sedar.com. Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

 

  Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.  

 

  Neither the CSE nor its Regulation Services provider approves or disapproves the contents of this news release.  

 

 

 

  Primary Logo 

 

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Platinex Launches Exploration Programs for the South Timmins Mining Joint Venture

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Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to announce exploration progress and plans for its South Timmins Mining Joint Venture ("South Timmins Mining" or "Joint Venture") properties. The South Timmins Mining properties include the Shining Tree, Heenan, and Mallard gold projects, all of which lie along the Ridout-Tyrrell Deformation Zone ("RTDZ") in the Abitibi Subprovince, one of the most gold enriched geologic regions in the world. IAMGOLDSumitomo's Côté Gold project, Aris Mining's Juby deposit, and numerous other small-scale historic gold producers fall within or are proximal to the RTDZ (see project location map, Figure 1).

 

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FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) (" FPX " or the " Company ") announces that the board of directors of the Company has approved the grant of 5,305,000 stock options (the " Options ") to directors, officers and employees of the Company pursuant to the Company's Share Compensation Plan. The Options have an exercise price of $0.30 per share, with a five-year term and are fully vested on the grant date, July 10, 2025 .

 
 

  FPX Nickel logo (CNW Group/FPX Nickel Corp.) 

 

The Company also granted an aggregate 750,000 restricted share units (the " RSUs ") to certain officers of the Company. The RSUs vest in three equal installments on the annual anniversaries of the grant date and each vested RSU will entitle the holder to receive one common share of the Company or the equivalent cash value upon settlement.

 

  About FPX Nickel Corp.  

 

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On behalf of FPX Nickel Corp.

 

"Martin Turenne"
Martin Turenne , President, CEO and Director

 

   Forward-Looking Statements   

 

  Certain of the statements made and information contained herein is considered "forward-looking information" within the meaning of applicable Canadian securities laws. These statements address future events and conditions and so involve inherent risks and uncertainties, as disclosed in the Company's periodic filings with Canadian securities regulators. Actual results could differ from those currently projected. The Company does not assume the obligation to update any forward-looking statement.  

 

  Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.  

 

SOURCE FPX Nickel Corp.

 

 

 

 Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/July2025/11/c5569.html  

 
 

 

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Vertex Minerals Limited  Reward Gold Mine Project Update

Vertex Minerals Limited Reward Gold Mine Project Update

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,VTXXF) (OTCMKTS:VTXXF) is pleased to announce that the underground mining operation is on track to be producing high grade gold feed to the recently commissioned gravity gold plant in the coming weeks.

HIGHLIGHTS:

- Operational Milestones

o VTX remains firmly on track to commence production of high-grade ore from the underground mine in the forthcoming weeks.

o Transformer and cabling for the installation of 11kV high voltage underground power system on site with installation commenced.

o Preparations for the underground mine startup up progressing as planned and stripping of the main access is completed.

o New Aramine L350D has departed France for the journey to Hill End. Arrival in Orange NSW expected in by 26th August where it will be fitted with an RCT remote control system for open stoping operations.

o Mining the Reward Gold Mine - Resource 225kozs at 16.7g/t (VTX ASX Announcement 21 June 2023).

o Weekly Gold production Oz's from Stockpiles improving with depth in the stockpiles, with coarser particle size and better process throughput experienced.

- Mine start up

o Fan chambers have been excavated to provide secondary ventilation for production activities, exploration drilling and the future southern access toward the Fosters' exploration target.

o Primary ventilation fan has been installed and bulkhead completed.

o High voltage surface substation has been installed.

o High voltage cabling installation commences next week, with power up of the system scheduled for 28 July 2025.

o Stripping of the main accessis completed with the final elements of ground support (approx. 30m) to be completed before power cable installation starts next week.

o Cable bolts installed for the intersection of Lady Belmore exploration drive with first cut drilled out and ready to charge.

o Development Jumbo #1 (Epiroc T1D) is exceeding performance expectations.

o Dewatered of declines well underway.

o Mine schedule for FY26 finalised.

o First airleg stope secondary vent installed and specialty equipment on site to start first air leg stope.

o First long hole stope planned for August. High grade from airleg and longhole stopes to complement larger tonnage from development ore headings.

- People that have been onboarded

o 2x Drill Fitters and Heavy diesel fitter.

o Process superintendent commences next week.

o Full Tech team started including mine surveyor this week.

o Have back-to-back airleg miners for stoping.

o Full underground and mill crews.

- Improvements to plant

o DSM screen installed to improve product delivery to Wilfley Table.

o Gemini table improvements with new tabletop and gearbox improving final concentrate grade to over 20% gold (suitable for direct smelting to Dore on site).

o Process water pump upgrade improving ore washing and Tomra performance.

- Revised mine plan and schedule completed and ready to implement

- Updated Reward Gold mine mining plan and mine schedule completed.

- Adding a high-grade long hole stope upfront to be mined concurrently with the high grade airleg stope.

Vertex Director Declan Franzmann commented: "It is great to see all the elements of re-developing the underground mine and processing facility coming together so rapidly. The most pleasing aspect is our success in employing an incredible team of people to run the operation and all credit to management for developing great "esprit de corps" and a single sense of purpose as we push to full production."

As previously announced, the startup mine schedule includes mining 2,075 tonnes at 17.8 g/t Au from a developed airleg stope block. The planned stope width is the same as the interpretation of the mineralisation. (Refer to Table 1 in Appendices 1) (VTX ASX announcement 26/06/23).

Given this stope will take some time to extract, the Vertex geology and Mining Team have additionally brought forward a very high-grade long hole stope to commence mining in August as well. Further optimisations to the mining schedule will continue to be made.

This stope can be exploited as soon as services have been established. The mining crews have done a great job in the access drive to make room for the services (11kV cable, water and air lines) while improving accessibility for the mobile mining equipment selected for the Project.

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/OUQP5Z21

 

About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX,VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.

 

 

Source:
Vertex Minerals Limited

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