PJX Resources Announces Non-Brokered Private Placement and Warrant Extension

TORONTO, ON / ACCESSWIRE / December 4, 2023 / PJX Resources Inc. is pleased to announce, subject to TSX Venture Exchange approval, a non-brokered private placement of up to 5,100,000 units through the issuance of Flow Through ("Flow Through Unit") at a price of $0.105 per Flow Through 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 warrant 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 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 plus a day from the date of the closing of the Offering. The Company may pay finders' fees in accordance with the policies of the TSX Venture Exchange.

John Keating, President of PJX commented: "Our recent discovery of Sullivan style mineralization has generated considerable interest in PJX's potential to discover a Sullivan type deposit near surface on our Dewdney Trail Property. Compilation of recent mapping and prospecting data along with analyses is underway with these results planned to be announced next month."

The Company intends to use the proceeds of the Offering for expenditures on its properties located in Cranbrook, British Columbia. The proceeds from the issuance of the Flow-through Shares will qualify as Canadian exploration expenses (as defined in the "Income Tax Act (Canada)").

Warrant Extension

Subject to the approval of the TSXV Exchange, the approval of the TSXV The Company intends to extend the expiry date of 9,391,794 share purchase warrants, (the "Warrants") by 12 months to December 20, 2024. The Warrants were issued pursuant to a private placement accepted for filing by the TSX Venture Exchange on December 21, 2021. The Warrants are exercisable at $0.25 per share and are currently set to expire on December 20, 2023. All other terms of the warrants, including the exercise price, remain unchanged. Upon receipt of the approval of the TSXV Exchange, a material change report will be filed by the Company.