PTX Metals Announces Flow Through Financing to Accelerate Activities and for Phase 2 Drilling at W2

(All figures are expressed in Canadian dollars unless otherwise indicated)

TORONTO, April 17, 2024 (GLOBE NEWSWIRE) -- PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) (“PTX” or the “Company”) is pleased to announce that the Company has closed the first tranche of a non-brokered flow-through private placement raising $300,000 consisting of 7,500,000 units at a price of $0.04 per unit (the “FT Units Offering”).

The Company expects to close a final tranche of the FT Units Offering raising a total of $750,000. The use of proceeds will be used to complete an exploration target (towards providing an estimated range of tonnage and grade) based on the historical and current drilling at W2 (see press release dated April 9, 2024), to commence a Phase 2 drilling program at W2 and a program of prospecting and sampling.

Each FT Units Offering consists of one common share in the Capital of the Company to be issued as a “flow-through share” (“FT Share”) within the meaning of the Income Tax Act (Canada) and one half of one common share purchase warrant (a “Warrant“). Each Warrant shall be exercisable into one non-flow-through common share of the Company at a price of $0.05 per share at any time on or before the exercise date, which is 24 months after the closing date of the FT Offering.

The Company will use the gross proceeds of the FT Offering to incur eligible Canadian exploration expenses that are “flow-through critical mineral mining expenditures” and will qualify as flow-through mining expenditure as such terms are defined in the Income Tax Act (Canada) related to the W2 Copper Nickel PGE Project, on or before Dec. 31, 2025. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2024.

The FT Offering is subject to receipt of all necessary regulatory approvals including the Canadian Securities Exchange. The shares and warrants comprising the FT Units are subject to a four month plus one day hold period from the Closing date in accordance with applicable securities laws.

The closing of the Offering is subject to certain conditions including, but not limited to, receipt of all necessary regulatory approvals. The Company paid a finder’s fee of 7% in cash for the first tranche, for a total of $21,000 in connection with the Offering.

About W2
W2 is a district scale land package comprised of 1,156 cell units covering 22,762 ha (227 km2) in an area of world-class geological targets located in the Oxford Stull Dome Complex near Ontario’s Ring of Fire. W2 controls the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne House Igneous Complex (“LHIC”), which is highly prospective for copper-nickel (Cu-Ni), platinum group element (PGE), gold and chromite deposits. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralization in the mafic-ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system, and therefore a potential significant abundance of metals in each intrusion.