Toronto, Ontario – April 1, 2015 – PJX Resources Inc. (“PJX” or “the Company”) announces that it has completed a Non-Brokered Private Placement (the “Offering”) for total proceeds of $1,273,000.
The Company undertook an Offering of an aggregate of 6,365,000 units consisting of 2,855,000 flow through units (“Flow Through Unit”) and 3,510,000 non-flow through units (“Unit”). Each Flow Through Unit was issued at a price of $0.20 per flow through unit and consists of one common share and one half of one non-transferable common share purchase warrant. Each Unit was issued at a price of $0.20 per Unit and consists of one common share and one non-transferable common share purchase warrant. Each warrant, regardless of whether issued as part of a Flow Through Unit or a Unit, 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 (“TSXV”). All securities issued under the Offering are subject to a statutory four- month hold period.
An aggregate of $26,000 finders’ fees will be paid to Canaccord Genuity Corp., GMP Securities L.P. and PI Financial Corp. in connection with the Offering, in accordance with the policies and subject to the approval of the TSXV.
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”).
“Recent drilling on the Vine Property has discovered zinc mineralization in a geological environment with the potential to host a Sedex zinc-lead-silver type of deposit. Computer modelling of the gravity geophysics is underway to define the next target to test by drilling.” states company President and CEO John Keating. “The Property can be drilled at any time of the year and has great infrastructure. Two power lines, rail and roads cross the property, located 20 minutes south along Highway 3 from Cranbrook, British Columbia.”
Consulting geologists consider the Vine Property’s geological environment to be similar to the Sullivan Sedex (Sedimentary Exhalative) deposit that is located 35 kilometres to the north. There are 2 large target areas (eastern and western gravity anomalies) that have potential to host Sedex massive sulphide zinc, lead, and silver mineralization. Only 3 holes have been drilled to a target depth of the footwall quartzite in the eastern target area. Two of these holes, drilled in the 1990’s, intersected zinc, lead, silver massive sulphide mineralization. The western gravity target area has never been drilled.
The foregoing geological disclosure has been reviewed by John Keating, P.Geo. (a qualified person for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Keating is the President, CEO and a Director of PJX.
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:
Linda Brennan, 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.