PJX Resources Announces Closing of Over Subscribed Non-Brokered Private Placement

TORONTO, ON / ACCESSWIRE / November 22, 2023 / PJX Resources Inc. ("PJX" or "the Company") is pleased to announce the closing of the previously announced (see November 14 and November 21, 2023 press releases), and oversubscribed, non-brokered private placement (the "Offering") of 21,610,038 units through the issuance of 13,816,422 Flow Through Units at a price of $0.105 per Flow Through Unit and 7,793,616 Non-flow Through Units ("Unit") at a price of $0.09 per Unit for total proceeds of $2,152,150.

Each Flow-through Unit consists 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 consists of one common share and one common share purchase warrant. Each warrant, whether acquired as part of a Flow-through Unit or Unit, entitles the holder to purchase one common share at an exercise price of $0.20 for 24 months following completion of the Offering.

Subject to TSXV Exchange approval, Finders' fees of $30,337.20 cash and 291,709 Finders' Warrants will be paid in relation to the completion of the Offering. The Finders Warrants 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 securities issuable in connection with this Offering will be subject to a hold period in Canada which will run for four months from the date of the closing of the Offering.

John Keating, President of PJX commented: "The strength in demand for this financing reflects the significance of what we recently discovered. Our discovery of boulders with Sullivan deposit style and grade of mineralization may be the most compelling evidence of the potential to discover another Sullivan type deposit in 130 years since the Sullivan was discovered in 1892. (see news releases Oct 12 and Nov 14)."

Additional analyses are pending. These results will be compiled with recent mapping, prospecting, and other data to prepare maps with geological cross sections for presentation in January. PJX plans to commence drilling as soon as the snow recedes which is expected to occur in late Spring, 2024.

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 participated 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 did not exceed 25% of the market capitalization of the company, as determined in accordance with MI 61-101. The Company also made 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.