PPX Mining Announces Closing Of $1.35 Million Private Placement

TORONTO, ON / ACCESSWIRE / April 18, 2024 / PPX Mining Corp. ("PPX" or the "Company") is pleased to announce that it has closed its fully-subscribed non-brokered private placement previously announced on March 20, 2024 for aggregate gross proceeds of $1,350,000 (the "Offering").

The Offering involved the issue of 30,000,000 units (the "Units") at a price of $0.045 per Unit for gross proceeds to the Company of $1,350,000. Each Unit consisted of one common share of the Company and one common share purchase warrant, non-transferable except with the prior consent of the Company, with each warrant entitling the holder to acquire one common share of the Company at an exercise price of $0.07 until April 18, 2026. The Company intends to use the proceeds from the Offering to finance further exploration in surrounding areas of hole 7 of the Company's Igor project and working capital.

In connection with the Offering, the Company issued an aggregate of 1,189,351 units (the "Finder's Units") to arm's length finders of the Company in consideration for the finders locating purchasers to participate in the Offering. Each Finder's Unit consisted of one common share of the Company and one non-transferable common share purchase warrant, with each warrant entitling the holder to acquire one common share of the Company at an exercise price of $0.07 until April 18, 2026.

The securities issued under the Offering are subject to a four-month hold period expiring on August 19, 2024 under applicable Canadian securities laws and the policies of the TSX Venture Exchange (the "TSXV"). The Offering is subject to the final approval of the TSXV.

Brian Imrie, Executive Chairman of the Company, participated in the Offering by subscribing for 2,000,000 Units, which constituted a related party transaction pursuant to Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). There has not been a material change in the percentage of the outstanding securities of the Company that are owned by Mr. Imrie as a result of his participation in the Offering. The Company is exempt from the requirements to obtain a formal valuation and minority shareholder approval in connection with the participation of Mr. Imrie in the Offering in reliance on the exemptions contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101, respectively, as the fair market value of the insider participation does not exceed 25% of the Company's market capitalization as determined in accordance with MI 61-101. The Company obtained approval by the board of directors of the Company to the Offering, with Mr. Imrie declaring and abstaining from voting on the resolutions approving the Offering with respect to his participation in the Offering. No materially contrary view or abstention was expressed or made by any director of the Company in relation thereto.