PJX Resources Announces Increase of Size of Non-Brokered Private Placement

TORONTO, ON / ACCESSWIRE / November 21, 2023 / PJX Resources Inc. ("PJX" or "the Company") (TSX.V:PJX) is pleased to announce that, due to market demand, the Company has increased the size of its previously announced private placement (the "Offering") (as detailed in the Company's news releases dated November 14, 2023) from the sale of up to sixteen million units of the Company (the "Units") to up to twenty-two million units through the issuance of Flow Through ("Flow Through Unit") and Non-flow Through Units ("Unit") at a price of $0.105 per Flow Through Unit and $0.09 per Unit.

Each Flow-through Unit will consist 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 will consist 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 $0.20 for 24 months following completion of the Offering.

The completion of the Offering may constitute a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101") as certain insiders of the company may participate in the Offering. The Company is relying on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, as the fair market value of the participation in the offering by insiders will not exceed 25% of the market capitalization of the company, as determined in accordance with MI 61-101. The Company will also make the Offering available to subscribers who receive suitability advice from a registered investment dealer in accordance with applicable prospectus exemptions in certain Canadian jurisdictions. The Company confirms that there is no material fact or material change about the Company that has not been generally disclosed.

The Offering, and any modifications to it, is subject to compliance with applicable securities laws and to receipt of the approval and acceptance of the TSX Venture Exchange. The Company reserves the right to increase the size of the Offering or to modify the type, nature and/or price of the units for any reason. The securities issuable in connection with this Offering will be subject to a hold period in Canada which will run for four months and one day from the date of the issuance of the Offered Securities. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange.