PJX Resources Completes Private Placement And Commences Work Toward Drilling On The Vine Property
Toronto, Ontario – November 11, 2014 – PJX Resources Inc. (“PJX” or “the Company”) announces that it has closed its previously announced (see news releases dated August 22, 2014 and October 9, 2014) Non-Brokered Private Placement (the “Offering”). The Offering was closed in two tranches with the aggregate issuance of 5,839,245 units for total proceeds of $782,281. Approval of the Offering by the TSX Venture Exchange (the TSXV”) was received on November 6, 2014.
Pursuant to the Offering, the first tranche was completed on September 26, 2014 which resulted in the issue of 190,000 flow through units (each a “Flow Through Unit”) at a price of $0.15 per flow through unit, and 2,650,000 non-flow-through units (each a “Unit”) at a price of $0.125 per Unit for gross proceeds of $359,750. Each Unit and Flow Through Unit consists of one Common Share of PJX and one non-transferable common share purchase warrant (a “Warrant”). Each Warrant in connection with the first tranche of the Offering will entitle the holder thereof to purchase one Common Share at an exercise price of $0.20 until September 22, 2016. All securities issued under the first tranche of the Offering are subject to a statutory four-month hold period expiring on January 23, 2015.
The final tranche of the Offering was completed on November 5, 2014 through the issuance of 1,905,000 Flow Through Units at a price of $0.15 per Flow Through Unit, and 1,094,245 Units at a price of $0.125 per Unit for gross proceeds of $422,531. Each Warrant issued in connection with the final tranche of the Offering will entitle the holder thereof to purchase one Common Share at an exercise price of $0.20 until November 4, 2016. All securities issued under the final tranche of the Offering are subject to a statutory four-month hold period expiring on March 6, 2015.
In connection with the Offering, and in accordance with the policies of the TSXV, an aggregate of $33,800 finders’ fees were paid to Canaccord Genuity Corp., Chippingham Financial Corp. and PI Financial Corp.
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”).
“Geophysics has already commenced to refine targets on our Vine Property for drilling in the coming months once permits are received.” 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 that is only a 20 minute drive south along Highway 3 from mining friendly 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 third is a hole drilled by PJX which intersected a possible important structure for controlling 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:
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.