Toronto, Ontario – October 28, 2015 – PJX Resources Inc. (“PJX” or “the Company”) announces that it has completed a Non-Brokered Private Placement (the “Offering”) for total proceeds of $652,500.
The Company undertook an Offering of an aggregate of 3,262,500 units consisting of 1,575,000 flow through units (“Flow Through Unit”) and 1,687,500 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 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 $0.25 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 ending February 27, 2016.
An aggregate of $29,200 finders’ fees will be paid to Canaccord Genuity Corp., Richardson GMP, Chippingham Financial Group 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 exploration 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 during 2014 and early 2015 has identified the potential for Sedex style zinc, lead, and silver mineralization similar to the Sullivan deposit. There are 2 large target areas (eastern and western gravity anomalies) that have potential to host Sedex massive sulphide zinc, lead, and silver mineralization. “We are excited to report that drilling continues to encounter mineralization and alteration that support the potential for a Sedex deposit.” states company President and CEO John Keating. “The funds raised in this private placement will allow us to continue to develop and test our multiple targets.”
The most recent geological and geophysical data are being used to refine target depths and locations in preparation for the next phase of drilling during 2015. An area permit is in place to continue exploring and drilling on the East Gravity Target. The company has received a similar area permit to expand drilling on the West Gravity target. 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.
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, (416) 799-9205, email@example.com
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.