Platinex Inc. Closes First Tranche of Private Placement

Platinex Inc. Closes First Tranche of Private Placement

Platinex Inc. (" Platinex " or the " Company ") (CSE:PTX) is pleased to announce that it has completed a first tranche of its previously announced private placement raising proceeds of $1.25 million. The financing was announced on February 6, 2023, part of a 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 release dated February 6, 2023, for further details).

As part of Transaction, Fancamp will subscribe for 9.5% of the issued and outstanding shares of Platinex. The balance of the financing will occur in tranches including proceeds from Fancamp's subscription and from additional investors raising approximately $2.5 million. The Transaction including the financing is expected to close on or about March 13, 2023.

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.

Platinex Financings

To date, Platinex has raised $720,500 of units (" Units ") at a price of $0.04 per Unit by issuing 18,012,500 Units (the " Non-FT Offering "). The Company also raised $530,550 of flow-through units (the " FT Units ") at a price of $0.045 per FT Unit (the " FT Offering ") by issuing 11,790,000 FT Units. The Company has increased its Non-FT Unit Offering from $1.5 million to $2.0 million.

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.

These shares and warrants comprising the FT Units, and the Non-FT Units are subject to a hold period of four months and one day until July 3, 2023, in accordance with applicable securities laws.

The Company may pay finders fees on subscriptions.

About Platinex Inc.

Platinex Inc. creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps. The Company is at the exploration and evaluation stage and is engaged in the acquisition, exploration and development of properties for the mining of precious and base metals. Current assets include a 100% ownership interest in the W2 Copper-Nickel-PGE Project and a 100% interest in the 225 sq. km Shining Tree Gold Project in the Abitibi region of Ontario, a world-renowned gold district. Both projects are district scale. The W2 Project controls one of the major Oxford Stull Dome complexes including the Lansdowne House Igneous Complex. The Shining Tree Project covers over 21 km of the Ridout-Tyrrell deformation zone that trends as far west as Newmont's Borden Mine, through the area of IAMGOLD's Cote Gold deposit, and across Aris Gold's Juby Project. The Company is also developing a net smelter return royalty portfolio and current holds royalties on gold, PGE, and base metal properties in Ontario.

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. All statements regarding the completion of the Transaction with Fancamp (see press release dated February 6, 2023), including the transfer of properties to South Timmins Mining Inc. ("Goldco"), the cash payment by Fancamp to Goldco, the entering into the Shareholders' Agreement, the completion of the FT Offering and the Non-FT Offering, and future expectations regarding the advancement and development of the mining properties by Goldco are examples of forward-looking information. 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

News Provided by GlobeNewswire via QuoteMedia

PTX:CNX
The Conversation (0)
Platinex Launches Exploration Programs for the South Timmins Mining Joint Venture

Platinex Launches Exploration Programs for the South Timmins Mining Joint Venture

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).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Common Shares Commenced Trading on the OTCQB Venture Market in the United States Under the Symbol "PANXF"

Platinex Common Shares Commenced Trading on the OTCQB Venture Market in the United States Under the Symbol "PANXF"

Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to announce that the Company's common shares have begun trading on the OTCQB Venture Market (" OTCQB ") in the United States under the symbol " PANXF ". The Company's common shares will continue to trade on the Canadian Securities Exchange under the symbol PTX and on the Frankfurt Stock Exchange under the symbol 9PX.

The OTCQB listing offers convenience and accessibility for investors based in the United States and internationally while providing increased visibility and exposure to the Company. The OTCQB is operated by the OTC Markets Group, an American financial market, headquartered in New York City provides price and liquidity information for almost 10,000 over-the-counter securities. OTCQB listed companies reporting requirements undergo an annual verification and management certification process.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Receives Exploration Permits for W2 Copper-Nickel-PGE Project and Provides Update on Shining Tree and Heenan Mallard Gold Projects

Platinex Receives Exploration Permits for W2 Copper-Nickel-PGE Project and Provides Update on Shining Tree and Heenan Mallard Gold Projects

Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to provide an update on its exploration activities and corporate developments.

W2 Copper-Nickel PGE and Gold Project ("W2")

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Fancamp Reports on Shining Tree Gold Property Exploration Program Joint Venture with Platinex

Fancamp Reports on Shining Tree Gold Property Exploration Program Joint Venture with Platinex

Fancamp Exploration Ltd. (" Fancamp " or the " Corporation ") (TSX Venture Exchange: FNC ) is pleased to share the recent program updates and announcement made by Platinex Inc. (CSE:PTX) ("Platinex") with regards to the Shining Tree Gold Property, in which the Corporation holds a 25% interest through South Timmins Mining Inc. ("Goldco"), a joint venture with Platinex Inc. ( refer to news release dated March 14, 2023 ). GoldCo's Shining Tree Gold Property is strategically located in the South-West region of the Abitibi Greenstone Belt, the world's largest 2.7-billion-year-old mineral-rich greenstone geological belt, which hosts numerous major gold and base metal deposits, and predominant gold producers ( refer to Figure 1 ).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Reports Positive Geochemical Sampling Results and Commences Exploration Program at Shining Tree Gold Property

Platinex Reports Positive Geochemical Sampling Results and Commences Exploration Program at Shining Tree Gold Property

Platinex Inc. (CSE:PTX) (OTC: PANXF, Frankfurt: 9PX) (" Platinex " or the " Company ") is pleased to provide an update on its Shining Tree Gold Property in which the Company holds a 75% interest through the South Timmins Mining joint venture ("South Timmins") with Fancamp Exploration Ltd. (see news release dated March 15, 2023). South Timmins holds a 100% interest in the Shining Tree Gold Property which borders Aris Gold's Juby Property as well as a 100% interest in the Heenan Mallard Gold Project which borders IAMGOLD's Côté Gold Project.

At Shining Tree, the joint venture is working to identify new gold targets in several highly prospective and underexplored areas of the 225 km 2 land package including along the Ridout-Tyrrell Deformation Zone (RTDZ) while continuing more focused exploration efforts in the central area of the project to support additional drilling at the Herrick deposit, Caswell prospect, and historic Ronda Mine (see attached map).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Canadian North Resources Inc. Reports Financial Results and Operational Update for the First Quarter Ended March 31, 2024

Highlights:

  • Filed the Mineral Resources Statement in compliance with the National Instrument 43-101 Standards that defines the large and high-grade Mineral Resources at the Ferguson Lake Project (Figure 1 and 2). 80% of the Indicated Mineral Resource is Open Pit, which provides a solid Mineral Resource base for the initial development of a potential large mine.
  • Identified new targets with significant resource upside potential along strike and down dip of the 15 km long main mineralized horizon and on additional zones including M-Zone, A51-Zone, A51 Zone Extension, Small Island and Lake Zone, West Zone South and South Discovery Zone (Figure 1).
  • Planned new metallurgical tests, economic evaluation and infrastructure and environmental studies for low-carbon footprint mine development at the Ferguson Lake Project.

Canadian North Resources Inc. ("Canadian North" or the "Company") (TSXV: CNRI; OTCQX: CNRSF; FSE: EO0 (E-O-zero)) is pleased to report its operational and financial results for the first quarter ended March 31, 2024.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Rio Tinto and BHP collaborate on battery-electric haul truck trials in the Pilbara

Rio Tinto and BHP collaborate on battery-electric haul truck trials in the Pilbara

In an industry first, Rio Tinto and BHP will collaborate on the testing of large battery-electric haul truck technology in the Pilbara, Western Australia, to accelerate the potential for its future deployment.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20240526465039/en/

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Astria Therapeutics to Present at Upcoming Eastern Allergy Conference

Astria Therapeutics to Present at Upcoming Eastern Allergy Conference

Astria Therapeutics, Inc. (NASDAQ:ATXS), a biopharmaceutical company focused on developing life-changing therapies for allergic and immunological diseases, today announced that it will present final STAR-0215 Phase 1a healthy subject data in an encore presentation at the upcoming Eastern Allergy Conference in Palm Beach, Florida on June 1, 2024.

Jessica Best, Vice President of Medical Affairs at Astria Therapeutics, will present a poster titled, "Updated Results of a Phase 1a Trial of STAR-0215 for Hereditary Angioedema" at 9:45am EST on Saturday, June 1.

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Trident Royalties PLC Announces Portfolio Update: First Gold Pour at Greenstone

Trident Royalties PLC Announces Portfolio Update: First Gold Pour at Greenstone

Trident Royalties PLC (AIM:TRR)(OTCQB:TDTRF), the diversified mining royalty company, is pleased to note the recent positive announcement by TSX- and NYSE-A listed Equinox Gold ("Equinox", TSX: EQX, NYSE-A: EQX) in relation to its Greenstone Gold Mine ("Greenstone") in Ontario, Canada. Trident holds an offtake for 100% of the gold produced at Greenstone up to 58,500 ounces per annum until 1 March 2027

Greenstone has achieved its inaugural gold pour on schedule, producing 1,800 ounces of gold from the full recovery circuit, with all equipment operating as expected. Greenstone will be Equinox's flagship asset and largest, lowest-cost producer. When operating at capacity, the Greenstone open-pit is expected to produce approximately 400,000 ounces of gold annually for the first five years, and average 360,000 ounces of gold per year for its initial 14-year mine life, making Greenstone one of Canada's largest gold mines. 1

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
Pan American Silver Releases 2023 Sustainability Report

Pan American Silver Releases 2023 Sustainability Report

Pan American Silver Corp. (NYSE: PAAS) (TSX: PAAS) ("Pan American" or the "Company") today released its 2023 Sustainability Report (the "Report") describing Pan American's approach and performance in the areas of environment, social and governance ("ESG"). A Spanish and Portuguese version of the Report will be released shortly.

Highlights of Pan American's 2023 ESG performance include:

News Provided by Business Wire via QuoteMedia

Keep reading...Show less
Astria Therapeutics to Present at Upcoming European Academy of Allergy and Clinical Immunology Congress

Astria Therapeutics to Present at Upcoming European Academy of Allergy and Clinical Immunology Congress

Astria Therapeutics, Inc. (NASDAQ:ATXS), a biopharmaceutical company focused on developing life-changing therapies for allergic and immunological diseases, today announced that it will present two posters at the upcoming European Academy of Allergy and Clinical Immunology (EAACI) Congress in Valencia, Spain on June 1, 2024.

  • Dr. Marcus Maurer, M.D., Professor of Dermatology and Allergy at Charité Universitätsmedizin in Berlin, will present information on ALPHA-SOLAR, a long-term open-label trial of STAR-0215 in people living with HAE, in a poster titled "Rationale and Design of the ALPHA-SOLAR Clinical Trial of STAR-0215 for the Treatment of Hereditary Angioedema (HAE)." The poster session will take place on Saturday, June 1 at 12:00pm CEST.
  • Nikos Biris, Ph.D., Senior Director of Assay Development at Astria Therapeutics, will present information on the characterization of STAR-0310 in a poster titled "Development and Characterization of STAR-0310: a Novel OX40 Antagonistic Monoclonal Antibody." The poster session will take place on Saturday, June 1 at 12:00pm CEST.

About Astria Therapeutics:

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×