Platinex Inc. Completes Non-Brokered Private Placement and Acquires Mining Claims and Royalties From Treasury Metals Inc.
TORONTO, July 15, 2020 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE: PTX) (the "Company" or "Platinex") is pleased to announce that it has completed its
previously announced non-brokered private placement (the "Private Placement"), issuing a total of 11,843,333 units ("Units") for gross proceeds of $355,300. The
size of the offering was increased due to market demand. Each Unit consists of one common share (a "Common Share") of the Company and one common share purchase warrant (a
"Warrant") of the Company. Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.075 for a period of 24 months from the date of
The Company intends to use the proceeds of the Private Placement to incur exploration expenses on its Shining Tree property and for general corporate and administrative purposes.
All securities issued in connection with this Private Placement will be subject to a four month plus one day hold period from the date of issuance in accordance with applicable securities laws. The closing of the Private Placement is subject to receipt of applicable securities regulatory authorization.
In connection with the Private Placement, the Company paid Haywood Securities Inc. and Canaccord Genuity Corp. ("Finders") an aggregate of (i) cash fees of $16,824, equal to 8% of the subscription proceeds realized from subscribers introduced to the Private Placement by such Finders; and (ii) 560,800 finder's warrants ("Finder's Warrants"), representing 8% of the number of Units purchased by subscribers referred by the Finders. Each Finder's Warrant entitles the holder to purchase one common share of the Company at a price of $0.05 for a period of 12 months from the date of issuance.
Consolidation of Mining Properties in Shining Tree District, Northern Ontario
As previously announced by the Company's press release dated March 11, 2020, the Company is pleased to announce that pursuant to the terms of the mining investment agreement (the "Purchase Agreement") dated July 15, 2020 between the Company, Treasury Metals Inc. ("Treasury") and its wholly-owned subsidiary Goldeye Explorations Limited, the Company has acquired an aggregate of 208 unpatented mining claims located in the Shining Tree District, Northern Ontario (the "Mining Claims") and three net smelter royalties (the "Royalties").