Platinex Inc.-Proposed Private Placement
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 05/12/16 -- Platinex Inc. (TSX VENTURE: PTX) (the "Company") announced a non-brokered private placement (the "Private Placement") of a minimum of 8,000,000 units ("Units") and up to 15,000,000 Units at $0.025/Unit to raise a minimum of $200,000 and a maximum of $375,000. Each Unit will consist of one common share ("Common Share") of the Company and one warrant ("Warrant") of the Company.
Each Warrant is exercisable into a Common Share at an exercise price of $0.05 on or before the date which is 12 months after the closing of the Private Placement and thereafter at an exercise price of $0.10 on or before the date which is 60 months after the closing of the Private Placement. Provided that if the average closing price of Common Shares trade at a price of $0.15 for 20 consecutive days four months after the closing of the Private Placement, or if the average closing price of the Common Shares trade at a price of $0.20 for 20 consecutive days 12 months after the closing, the Company may give written notice to the holders of the Warrants changing the expiry date to a date which is not less than 30 days following that written notice.
Should the Company complete a minimum raise of $200,000 under the Private Placement, the Company will use the proceeds to pay exploration expenses including qualifying report on Shining Tree property of $60,000, accrued arms-length expenses of $60,500, financing expenses of $24,000, AGM expenses of $7,000, arms-length general and administrative expenses of $30,000 and management fees of $18,500.
If the Company completes the maximum raise of $375,000 under the Private Placement, the Company will use the proceeds to pay exploration expenses including qualifying report on shining tree property of $110,000, accrued arms-length expenses of $97,500, option payments of $20,000, financing expenses of $36,000, AGM expenses of $7,000, arms-length general and administrative expenses of $40,000 and management fees of $64,500.
The Company may pay finder fees of up to 7% of the gross proceeds raised by registered brokers, and other finders where permitted by law.
All securities issued in connection with this Private Placement will be subject to a four month hold period from the date of issuance in accordance with applicable securities laws. The closing of the Private Placement is subject to receipt of approvals of the TSX Venture Exchange ("TSXV") and other applicable securities regulatory authorities.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Existing Security Holder Exemption
The Private Placement is being made available to existing shareholders of the Company ("Existing Security Holders") who qualify under the "existing security holder prospectus exemption" available in certain jurisdictions in Canada (the "Existing Security Holder Exemption").
As the Existing Security Holder Exemption contains certain restrictions and is only available in certain jurisdictions in Canada, others that do not qualify under the Existing Security Holder Exemption may qualify to participate under other prospectus exemptions.
Terms and Restrictions Relating to the Existing Security Holder Exemption
The criteria of the Existing Security Holder Exemption are set out in various regulatory instruments of the participating jurisdictions in Canada. To comply with the criteria of the Existing Security Holder Exemption, the offering to Existing Security Holders shall be subject to, among other criteria, the following:
Further terms and conditions shall be set out in the form of subscription agreement that will be made available to interested shareholders, who are directed to contact the Company as follows:
Insider Participation
Insiders of the Company are expected to participate in the Private Placement (the "Insider Participation"), which will be considered a related party transaction within the meaning of Multilateral Instrument 61-101 ("MI 61-101"). The Company intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation.
About Platinex Inc.
Platinex has revealed strong evidence of a major gold bearing zone on its Shining Tree property as evidenced by a provincially significant, extraordinarily high gold content of soil samples (glacial till) along a nine km long corridor. Platinex is expanding exploration on the Herrick gold deposit with 62 holes drilled to date with an average grade of 2.10 g/tonne gold. Shares of Platinex are listed for trading on the TSX Venture Exchange under the symbol "PTX".
The information presented in this news release has been reviewed and approved by James R. Trusler, Geological Engineer, the Chief Executive Officer of the Company and the Qualified Person for exploration at the Shining Tree property, as defined by National Instrument 43-101 "Standards of Disclosure for Mineral Projects".
To receive Company press releases, please email and mention "Platinex press release" on the subject line.
FORWARD-LOOKING STATEMENTS:
Except for statements of historical fact, all statements in this news release - including, without limitation, statements regarding future plans and objectives, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from those anticipated in such 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.
Contacts:
Platinex Inc.
James R. Trusler
President and CEO
(416) 565-5616
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 12.05.2016 - 16:34 Uhr
Sprache: Deutsch
News-ID 1434821
Anzahl Zeichen: 0
contact information:
Contact person:
Town:
TORONTO, ONTARIO
Phone:
Kategorie:
Mining & Metals
Typ of Press Release:
type of sending:
Date of sending:
Anmerkungen:
Diese Pressemitteilung wurde bisher 165 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Platinex Inc.-Proposed Private Placement
"
steht unter der journalistisch-redaktionellen Verantwortung von
Platinex Inc. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
