Base Metals

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 (CSE:PTX)

Platinex


Keep reading...Show less
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).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Fancamp Announces Closing of the Transaction with Platinex Inc. to Develop Ontario Gold Assets

Fancamp Announces Closing of the Transaction with Platinex Inc. to Develop Ontario Gold Assets

Fancamp Exploration Ltd. (" Fancamp " or the " Corporation ") (TSX Venture Exchange: FNC ) is pleased to announce that it has closed the Transaction (as defined below) with Platinex Inc. (" Platinex ") ( CSE: PTX) as previously announced (see news release dated February 6, 2023). As part of the Transaction, the Corporation transferred its Hennan Mallard and Dorothy properties and Platinex's transferred its Shining Tree property to South Timmins Mining Inc. (" Goldco "), a subsidiary of Platinex. Pursuant to the Transaction, Fancamp holds a 25% interest in the share capital of Goldco, while Platinex holds a 75% interest in the share capital of Goldco. Fancamp has an option to increase its shareholding to 50% pursuant to the terms provided in the Shareholders' Agreement (as defined below) entered into by the parties (the " Transaction ").

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Inc. Announces Acquisition of Ontario Gold Assets, Shining Tree Joint Venture with Fancamp and $2.5M Equity Financing

Platinex Inc. Announces Acquisition of Ontario Gold Assets, Shining Tree Joint Venture with Fancamp and $2.5M Equity Financing

Platinex Inc. (" Platinex " or the " Company ") (CSE:PTX) is pleased to announce that it has entered into a binding heads of agreement dated February 6, 2023 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 Ontario in the Timmins mining camp (the " Transaction ") (see attached map). The Transaction includes several components, pursuant to which (i) Platinex and Fancamp will transfer certain mining properties which they currently hold to South Timmins Mining Inc. (" Goldco "), currently a 100% wholly owned subsidiary of Platinex; (ii) enter into a shareholders' agreement respecting the operations of Goldco; (iii) Platinex will conduct a non-brokered private placement of flow- through units; and (iv) Platinex will conduct a private placement of non-flow-through units, of which Fancamp will subscribe for 9.5% of the issued and outstanding shares of Platinex, all as more particularly described below.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Fancamp Announces Joint Venture with Platinex Inc. to Develop Ontario Gold Assets

Fancamp Announces Joint Venture with Platinex Inc. to Develop Ontario Gold Assets

Fancamp Exploration Ltd. (" Fancamp " or the " Corporation ") (TSX Venture Exchange: FNC ) is pleased to announce that it has entered into a joint venture arrangement with Platinex Inc. (" Platinex ") ( CSE: PTX ) to facilitate advancing the exploration and development of certain gold mineral properties held by the parties located in Ontario (see attached map). As part of the contemplated transaction (the " Transaction "), Platinex and the Corporation will:

  1. transfer Fancamp's Heenan Mallard and Dorothy properties and Platinex's Shining Tree property to South Timmins Mining Inc. (" Goldco "), a wholly owned subsidiary of Platinex. Subsequent to the Transaction, Goldco will be held 25% by Fancamp and 75% by Platinex. Fancamp will have an option to increase its shareholding to 50% on the basis described below;
  2. enter into a shareholders' agreement in relation to the governance of Goldco's operation; and
  3. enter into a subscription agreement, whereby the Corporation will purchase 9.5% of the issued and outstanding shares of Platinex.

Completion of the Transaction is subject to approval of the TSX Venture Exchange.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Platinex Appoints Dr. Fred Breaks to Muskrat Dam Critical Minerals Project Advisory Board and Increases Project Size

Platinex Appoints Dr. Fred Breaks to Muskrat Dam Critical Minerals Project Advisory Board and Increases Project Size

Platinex Inc. (CSE: PTX) (Frankfurt 9PX) ("Platinex" or the "Company") is pleased to announce additional information about its recently acquired Muskrat Dam Critical Minerals Project (the "Muskrat Dam Project" or the "Project") including the appointment of members of an advisory committee to assist the Company with the development of the Project. With additional staking in December 2022, Platinex's Muskrat Dam Property now totals 12,934 hectares (129 km 2 ) which includes the 7,025 hectare (70 km 2 ) Axe Lake property, which shows the potential to host lithium-bearing pegmatites and will be the focus of initial exploration activity at the Project.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Falcon Mourns the Passing of R. Stuart "Tookie" Angus an Advisor to the Company

Falcon Mourns the Passing of R. Stuart "Tookie" Angus an Advisor to the Company

Falcon Gold Corp. (TSX-V:FG)(GR:3FA)(OTCQB:FGLDF); ("Falcon" or the "Company") announces the passing of R. Stuart "Tookie" Angus. A highly respected business advisor to the mining industry, Tookie was a significant shareholder and served as a strategic advisor to the Company since early 2019

Mr. Angus's extensive legal and mining career included leading Fasken's global mining group and serving as managing director of mergers and acquisitions for Endeavour Financial. He was also previously chairman of the board of B.C. Sugar Refinery Ltd., a director of First Quantum Minerals Ltd., a director of Canico Resource Corp. until its takeover by Brazil's CVRD in 2005, a director of Bema Gold Corp. until its takeover by Kinross Gold Corp. in 2007, a director of Ventana Gold Corp. until its takeover by AUX Canada Acquisition Inc. in 2011 and a director of Plutonic Power Corp. until its merger with Magma Energy Corp. in 2011. He resigned as chair of Nevsun Resources Ltd. following its acquisition of Reservoir Minerals in 2017.

News Provided by ACCESSWIRE via QuoteMedia

Keep reading...Show less
CMX Announces Ore-Sorting Test Completed with Assays Pending

CMX Announces Ore-Sorting Test Completed with Assays Pending

(TheNewswire)

CMX Gold & Silver Corp.

CMX Gold & Silver Corp. ( CSE:CXC ) ( OTC:CXXMF ) (" CMX " or the " Company ") announces the successful completion of the ore-sorting test at the TOMRA facility in Sydney, Australia.  The sorted product has been sent to Bureau Veritas for assaying. Results are expected in late April 2023

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
American Copper Initiates a 5,000m Drill Program at its Flagship Lordsburg Project

American Copper Initiates a 5,000m Drill Program at its Flagship Lordsburg Project

American Copper Development Corporation (CSE: ACDX) (OTCQB: ACDXF) (FSE: D52) ("ACDX" or the "‎‎Company") is pleased to announce that it has received all required exploration permits from the Bureau of Land Management (BLM) and the New Mexico Mining and Minerals Division (NM MMD) to initiate a maiden 5,000-meter diamond drill program to explore for porphyry copper mineralization at its 100% owned Lordsburg Property located in southwestern New Mexico. The Company has contracted Major Drilling to complete this Phase I drill campaign.

Lordsburg Project Phase I Drill Program

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Trailbreaker Resources Receives Permit to Drill Eakin Creek Property, South-Central BC

Trailbreaker Resources Receives Permit to Drill Eakin Creek Property, South-Central BC

Trailbreaker Resources Ltd. (TBK.V) ("Trailbreaker" or "the Company") is pleased to announce that it has received a permit to drill at their 100%-owned Eakin Creek gold property in south-central British Columbia (BC).

Phase 1 of the program will consist of diamond drilling up to 10 holes to test coincident induced polarization (IP) and geochemical anomalies outlined during the 2022 exploration program (see September 14, 2022 news release ), as well as the numerous surficial gold showings found within these anomalies.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Heritage Mining Announces Early Issuance of Exploration Permit for Flagship Project Drayton Black Lake

Heritage Mining Announces Early Issuance of Exploration Permit for Flagship Project Drayton Black Lake

(TheNewswire)

Heritage Mining Ltd.

VANCOUVER, BC TheNewswire - March 24, 2023 Heritage Mining Ltd. (CSE:HML ) ( FRA:Y66) (" Heritage " or the " Company ") is pleased to announce that the Ontario Ministry of Mines has issued the exploration permit required in connection with its 2023 drilling and additional exploration program on its flagship Drayton-Black Lake Project ("DBL") ahead of schedule. The program's primary focus will be to drill three priority targets at DBL.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less
WESTERN COPPER AND GOLD ANNOUNCES STRATEGIC INVESTMENT BY MITSUBISHI MATERIALS CORPORATION

WESTERN COPPER AND GOLD ANNOUNCES STRATEGIC INVESTMENT BY MITSUBISHI MATERIALS CORPORATION

Western Copper and Gold Corporation ("Western" or the "Company") (TSX: WRN) (NYSE American: WRN) announces a strategic equity investment by Mitsubishi Materials Corporation ("Mitsubishi Materials") to further advance the Company's copper-gold Casino Project in the Yukon .

Western Copper and Gold Corporation logo (CNW Group/Western Copper and Gold Corporation)

Mitsubishi Materials has agreed to acquire that number of common shares of the Company (the "Shares") that will represent approximately 5.0% of Western's issued and outstanding Shares, on an undiluted basis, following completion of the investment, at a price of C$2.63 per Share.

The exact number of Shares to be issued, and proceeds to be received, by the Company will depend on whether Rio Tinto Canada Inc. ("Rio Tinto") elects to exercise its pre-existing right to participate on a pro rata basis in equity financings by the Company to maintain its current ownership interest, which based on public filings is approximately 7.84%.

Assuming Rio Tinto elects to exercise its participation right in full, then it is expected that 8,091,390 Shares will be issued to Mitsubishi Materials for aggregate gross proceeds of C$21.3 million and 878,809 Shares will be issued to Rio Tinto for aggregate gross proceeds of C$2.3 million .

"We are pleased to welcome Mitsubishi Materials as a strategic investor in the Company," said Paul West-Sells , President and CEO. "The investment by Mitsubishi Materials is a strong endorsement of the Casino Project. We look forward to working with Mitsubishi Materials to advance Casino."

Western remains the sole owner of the Casino Project and will continue to be the operator. The Company will use the proceeds of the strategic investment to advance the project and to fund specific areas of study, developed with input from Mitsubishi Materials, with the aim of progressing to a development phase for the Casino Project.

In connection with the strategic investment by Mitsubishi Materials, the Company and Mitsubishi Materials will enter into an investor rights agreement whereby, subject to certain conditions, Mitsubishi Materials will have certain rights until the earlier of (a) its ownership falling below 3.0%, and (b) the date that is 24 months following completion of the investment (the "Expiry Date"), including:

  • the right to appoint one member to a Casino Project Technical and Sustainability Committee
  • the right to appoint the greater of one director of the Company or 17% of the number of directors (rounding to the nearest whole number), if Mitsubishi Materials' ownership increases to at least 12.5%

In addition, until the Expiry Date, Mitsubishi Materials will have a right to participate in future equity issuances to maintain its ownership in the Company and, in the event its ownership increases to 8.0%, will be provided with a one-time "demand registration right" and "piggy-back registration rights."

Under the investor rights agreement, for a period of 24 months, Mitsubishi Materials will agree:

  • not to sell, transfer, offer or otherwise dispose of any Shares without first notifying the Company
  • to abstain from voting or vote any Shares in favor of each director nominated by the board of directors of the Company for election by shareholders
  • not to acquire any securities of the Company, subject to certain exceptions

Mitsubishi Materials will have the right of first negotiation, until the later of (a) its ownership falling below 3.0%, and (b) the date that is 24 months following completion of the investment, to offtake at least its proportionate share of minerals produced from the Casino Project.

The Company and Mitsubishi Materials will negotiate in good faith new rights and restrictions attaching to its share ownership on the earlier of (a) 18 months following completion of the investment, and (b) Mitsubishi Materials' ownership reaching 12.5% or greater.

The closing of the strategic investment is expected to occur on or about April 14, 2023 and is subject to regulatory approval, including that of the Toronto Stock Exchange and the NYSE American LLC. The Shares will be subject to a statutory hold period in accordance with applicable securities legislation.

BMO Capital Markets and RBC Capital Markets are acting as financial advisors to Western Copper and Gold.

Western will host a conference call on March 24, 2023 at 8:00 am (Pacific Time) for senior management to discuss this investment by Mitsubishi Materials.

Canada/USA:

1-800-319-4610

International Callers:

1-604-638-5340

Conference ID:

10021576



Replay of the conference call is available at 1-800-319-6413 or 1-604-638-9010, access code 0022.

Western Copper and Gold Corporation is developing the Casino Project, Canada's premier copper-gold mine in the Yukon Territory and one of the most economic greenfield copper-gold mining projects in the world. For more information, visit www.westerncopperandgold.com .

ABOUT MITSUBISHI MATERIALS CORPORATION

Mitsubishi Materials Corporation, founded in 1871, is a Japan -based company principally engaged in the processing and manufacturing of non-ferrous metals and products. The group operates businesses in over 30 countries across the world and employs around 23,000 people. Its extensive scope of operations ranges from mining, smelting/refining and recycling, to high-performance processed products, providing solutions for a sustainable society. For more information, visit www.mmc.co.jp .

On behalf of the board,

"Paul West-Sells"

Dr. Paul West-Sells
President and CEO
Western Copper and Gold Corporation

Cautionary Disclaimer Regarding Forward-Looking Statements and Information

This news release contains certain forward-looking statements, including statements with respect to whether Rio Tinto will exercise its pre-existing right to participate on a pro rata basis in equity financings of the Company, the expected number of Shares to be issued and proceeds to be raised, the anticipated use of proceeds, the rights to be provided to Mitsubishi Materials and the restrictions imposed on Mitsubishi Materials pursuant to the investor rights agreement, and the expected closing date for the strategic investment . Statements that are not historical fact are "forward-looking statements" as that term is defined in the United States Private Securities Litigation Reform Act of 1995 and "forward looking information" as that term is defined in National Instrument 51-102 ("NI 51-102") of the Canadian Securities Administrators (collectively, "forward-looking statements"). Forward-looking statements are frequently, but not always, identified by words such as "plans", "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible" and similar expressions, or statements that events, conditions or results "will", "may", "could" or "should" occur or be achieved. In making the forward-looking statements herein, the Company has applied certain material assumptions including, but not limited to, the assumption that general business conditions will not change in a materially adverse manner.

Forward-looking statements are statements about the future and are inherently uncertain, and actual results, performance or achievements of Western and its subsidiaries may differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements due to a variety of risks, uncertainties and other factors. Such risks and other factors include, among others, risks involved in fluctuations in gold, copper and other commodity prices and currency exchange rates; uncertainties related to raising sufficient financing in a timely manner and on acceptable terms; and other risks and uncertainties disclosed in Western's AIF and Form 40-F, and other information released by Western and filed with the applicable regulatory agencies.

Western's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and Western does not assume, and expressly disclaims, any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as otherwise required by applicable securities legislation. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/western-copper-and-gold-announces-strategic-investment-by-mitsubishi-materials-corporation-301780708.html

SOURCE Western Copper and Gold Corporation

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/March2023/24/c4489.html

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×