PJX Completes Private Placement
Toronto, Ontario (FSCwire) - PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce it has completed a non-brokered private placement initially announced by the Company on May 1, 2018 (the “Offering”). The Offering was closed with the aggregate issuance of 15,296,276 million units for total proceeds of $2,600,367.
The Company issued a total of 9,544,217 flow-through units (“Flow-Through Units”) for gross proceeds of $1,622,517 and 5,752,059 Units for gross proceeds of $977,850. Each Unit consists of one common share and one common share purchase warrant. Each warrant, whether acquired as part of a Flow-through Unit or Unit, will entitle the holder to purchase one common share at an exercise price of $0.25 for 24 months following completion of the Offering. All securities issued as part of the Private Placement are subject to a statutory four month hold period expiring September 17, 2018.
Each Flow-through Unit consists of one common share to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (the "Flow-through Shares") and one common share purchase warrant. Each Unit consists of one common share and one common share purchase warrant. Each warrant, whether acquired as part of a Flow-through Unit or Unit, entitles the holder to purchase one common share at an exercise price of $0.25 for 24 months following completion of the Offering.
In connection with closing the Offering, the Company may pay, in accordance with the policies and subject to regulatory approval, aggregate cash finder’s fees of $142,198 and issue certain Finders 836,454 non-transferable Finder’s Warrants. Each of the Finder’s Warrants entitles the Finder to purchase one common share of the Company at a price of $0.25 per Finder Share for 24 months following completion of the Offering.
“We have strategically consolidated one of the largest mineral claim holdings in the historical Sullivan mining district” states the President and CEO of PJX, John Keating. “The positive market response and demand for our financing has provided the funds to continue to test the many large gold and base metal (zinc, lead, copper) targets on our properties.”
PJX plans to drill and explore gold targets on the Zinger, Dewdney Trail, Eddy and Gold Shear Properties. Sullivan type or Broken Hill type zinc-lead-silver massive sulphide targets will be explored and drilled on the Vine Property.
PJX has granted Teck Resources Limited (“Teck”) an option to earn up to a 75% interest in the DD Property. Teck is assessing a geophysical Magnetotelluric (MT) target for drilling and is in the process of applying for the relevant permits. (see April 24, 2018 press release for more details.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources. PJX holds a 100% interest in its properties. They are all road accessible, located close to rail, power and a local workforce in the historical mining areas of Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: PJX Resources Inc. (TSX Venture:PJX)
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