PJX Resources Announces Closing of Non-Brokered Private Placement

TORONTO, ON / ACCESSWIRE / December 11, 2023 / PJX Resources Inc. ("PJX" or "the Company") is pleased to announce the closing of the previously announced non-brokered private placement (the "Offering") of 5,100,000 Flow Through Units (see December 4, 2023 press release). The Offering was oversubscribed and closed with the issuance of 5,250,000 Flow Through Units at a price of $0.105 per Flow Through Unit for total proceeds of $551,250.

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 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 $40,042.08 cash and 381,360 Finders' Warrants will be paid in relation to the completion of the Offering. The Finders Warrants 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 plus a day from the date of the closing of the Offering.

John Keating, President of PJX commented: "With financing in place, PJX is in a good position to discover the source of Sullivan deposit style and grade mineralized boulders recently found by prospectors on our Dewdney Trail Property. This is the first time that this style of mineralization, with such good grades, has been discovered outside the Sullivan Mine area that is located about 25 km to the west. The boulders were found only 200 metres from a road in a mining district with power, rail, and a local workforce. Compilation of recent mapping and prospecting data along with analyses is underway with these results planned to be announced next month. Drilling is planned to commence in late Spring when snow melts and a permit amendment is received."

The Company intends to use the net proceeds of the Offering for expenditures on its properties located in Cranbrook, British Columbia, and for general working capital. The gross proceeds from the issuance of the Flow-through Shares shall be used to fund exploration expenditures on the Cranbrook Properties and will qualify as Canadian exploration expenses (as defined in the "Income Tax Act (Canada)").