PJX Resources Announces Closing of $3.6 Million Non-Brokered Private Placement

TORONTO, ON / ACCESSWIRE / April 17, 2024 / PJX Resources Inc. ("PJX" or "the Company") is pleased to announce that it has closed the second tranche of its previously announced non-brokered private placement. A total of 2,500,000 units of the company were issued at a price of $0.20 per unit ("Unit") for aggregate gross proceeds in the second tranche of $500,000. Combined with the first tranche closing previously announced in a press release of the Company dated April 15, 2024, a total of 13,611,111 units of the Company have been issued for total gross proceeds of C$3.6 million (the "Private Placement"). Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant ("Warrant"). Each whole Warrant acquired as part of a Unit in the second tranche closing will entitle the holder to purchase one common share at an exercise price of $0.40 for 24 months following completion of the Private Placement. Crescat Capital Hedge Funds ("Crescat Capital" or "Crescat") were among the investors involved in the Private Placement, with their investment in the Company totaling $250,000 for 1,250,000 units within the second tranche closing.

The Private Placement remains subject to receipt of the approval and acceptance of the TSX Venture Exchange. No compensation or finder's fees were paid in connection with the closing of the Private Placement. The securities issuable in connection with the Private Placement will be subject to a statutory hold period in Canada which will run for four months from the respective closing dates.

PJX intends to use the net proceeds of the Private Placement for expenditures on its properties located in Cranbrook, British Columbia, and for general working capital purposes.

Linda Brennan and James Clare, each directors of PJX, have subscribed for a total of 375,000 Non-Strategic Units As insiders, the subscriptions by Linda Brennan and James Clare will each be considered to be a "related party transaction" within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). PJX intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.