Platinex Inc. Announces Acquisition of Ontario Gold Assets, Shining Tree Joint Venture with Fancamp and $2.5M Equity Financing - Seite 3

Each Unit shall be comprised of one common share of the Company and one half of one common share purchase warrant, with each whole warrant exercisable into one common share of the Company at a price of $0.055 at any time on or before the date which is 60 months from the closing of the Non-FT Offering.

Each FT Unit will be comprised of one common share of the Company to be issued as a "flow- through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant shall be exercisable into one non-flow-through common share of the Company at a price of $0.055 per share at any time on or before the date which is 60 months after the closing date of the FT Offering. The Warrants will be subject to an acceleration clause requiring the exercise of the Warrants if the Platinex share price closes on the Canadian Securities Exchange at $0.15 or greater for 20 consecutive trading days.

The gross proceeds of the FT Offering will be used by Platinex to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the gold projects including the Shining Tree Properties and Swayze Properties on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2023.

The FT Offering and Non-FT Offering are subject to receipt of all necessary regulatory approvals including the Canadian Securities Exchange. The shares and warrants comprising the FT Units, and the Non FT Units will be subject to a hold period of four months and one day in accordance with applicable securities laws.

The Company may pay finders fees on subscriptions.

Heenan Mallard and Dorothy Project Overview

Heenan Mallard is located on the Ridout Deformation Zone bordering Iamgold’s Côté Gold claim package and is approximately 25 km west of the soon to be producing Côté Gold mine (see map).

Historical drilling completed by Noranda (Corstorphine 1985, Assessment File 41009NW003 63.5188) on Mallard’s River and Camp zones led to an initial discovery (14 holes only) and it is Goldco’s intention to drill follow up on those results.

The property is located on a large magnetic anomaly associated with the Woman Lake Iron formation and other magnetic lithologies on the SE corner of the Swayze greenstone belt. The “Swayze magnetic anomaly” shows signs of hydrothermal alteration, which, combined with the associated gold mineralization at Heenan Mallard, makes the property a very attractive gold target.