PJX Resources Announces Private Placement
Toronto, Ontario – November 20, 2013 – PJX Resources Inc. (“PJX”) is pleased to announce a non- brokered private placement of 4.8 million units for total proceeds of up to $600,000 through the issuance of flow through (“Flow Through Unit”) and non-flow-through units (“Unit”) at a price of $0.15 per flow through unit and $0.125 per non-flow through unit. Each unit, whether acquired as part of a Unit or a Flow Through Unit, will consist of one common share and one non-transferable common share purchase warrant. Each warrant 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 private placement, and any modifications to it, are subject to compliance with applicable securities laws and to receipt of the approval of the TSX Venture Exchange. The Company may pay finders’ fees in accordance with the policies of the TSX Venture Exchange.
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 proceeds from the issuance of the Flow-Through Units 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”).
The Company’s board of directors has authorized granting stock purchase options to certain directors, employees and consultants to acquire an aggregate of 1,018,500 common shares at an exercise price of $0.15 expiring November 15, 2018. The foregoing is subject to regulatory acceptance.
Exploration has identified numerous targets with gold or base metal potential on our Cranbrook Properties. The Company is of the view that the next target to test, on the Vine Property, has potential to host Sedex (Sedimentary Exhalative) massive sulphide lead, zinc and silver mineralization. The new large target area was identified after compiling historical drilling and other data with the results of a preliminary ground gravity survey. More detailed gravity work is required prior to testing.
“The geological environment appears to be similar to the Sullivan Sedex deposit that is located 35 kilometres north of the property. We could not ask for a better location. The property is crossed by power lines and rail with road access year round.” states company President and CEO John Keating.
About PJX Resources Inc.
PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold. PJX’s primary properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia.
Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Chief Financial Officer
This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, believes”, “estimates”, “predicts”, “potential”, or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking- statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.