PJX Resources Updates Private Placement
Toronto, Ontario – October 9, 2014 – PJX Resources Inc. (“PJX” or “the Company”) announces that it has amended its previously announced Non-Brokered private placement (the “Private Placement”) (see news release dated August 22, 2014) of from 4.8 million units, to up to 6 million units (each “Unit”). The Company has closed the first tranche of the Private Placement through the issuance of 2,840,000 Units for gross proceeds of $359,750 and will close the final tranche on or before November 5, 2014. The shares issued in the first tranche are subject to a 4 month hold period expiring on January 24, 2015.
The non-brokered private placement consists of up to 6 million units 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 Unit. Each Flow Through Unit will consist of one flow through share and one non-transferable common share purchase warrant. Each Unit will consist of one common share and one non-transferable common share purchase warrant. Each warrant, whether acquired as part of a Flow Through Unit or 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. 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”).
Exploration has identified numerous targets with gold or base metal potential on our Cranbrook Properties. The Company is of the view that the next targets to test, on the Vine Property, have potential to host Sedex (Sedimentary Exhalative) massive sulphide zinc, lead, and silver mineralization. There are 2 large target areas (eastern and western gravity anomalies) on the Vine Property. 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 geological environment is considered by consulting geologists to be similar to the Sullivan Sedex deposit that is located 35 kilometres north of the Vine Property. The property is crossed by power lines and rail with road access year round, and is only a 20 minute drive south along Highway 3 from mining friendly Cranbrook, British Columbia.
(TSX VENTURE: PJX.V)
“We have increased the private placement offering in response to a growing interest in the zinc, lead, silver and gold potential of our Cranbrook Properties.” states company President and CEO John Keating.” We plan to commence detailed gravity and magnetic geophysical surveys to help refine the targets for drilling on the Vine Property.”
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.