Toronto, Ontario (FSCwire) - PJX Resources Inc. (“PJX” or “the Company”) is pleased to announce a non-brokered private placement through the issuance of Flow-through ("Flow-through Unit") and Units (“Unit”) at a price of $0.17 per Flow-through Unit and $0.17 per Unit for gross proceeds of $2,700,000 (the "Offering").

 

Each Flow-through Unit will consist of one common share to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (the "Flow-through Shares") and one common share purchase warrant.  Each Unit will consist of one common share and one 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 $0.25 for 24 months following completion of the Offering.

 

The Offering, and any modifications to it, is 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 reserves the right to increase the size of the Offering or to modify the type, nature and/or price of the units for any reason. The securities issuable in connection with this Offering will be subject to a hold period in Canada which will run for four months from the date of the closing of the Offering.

 

The Offering is expected to close on or before May 17, 2018. Closing of the Offering is subject to certain conditions customary for financings of this kind, including, but not limited to, the receipt of all necessary approvals including approval and acceptance by 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 gross proceeds from the issuance of the Flow-through Shares 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 (Canada)”).

 

PJX owns the mineral rights to a large land package in the historical Sullivan mining district near Cranbrook, British Columbia.  Exploration has identified gold, silver, zinc-lead, and copper targets to test with the potential to make multiple discoveries.  The targets occur within one of the largest structural breaks in North America. 

 

PJX plans to drill and explore for Sullivan type or Broken Hill type zinc-lead-silver mineralization on the Vine Property and gold targets on the Zinger, Dewdney Trail, Eddy and Gold Shear Properties.  The properties are all road accessible and close to rail, power and an experienced workforce.

 

PJX has granted Teck Resources Limited (“Teck”) an option to earn up to a 75% interest in the DD Property.  Teck is assessing a geophysical Magnetotelluric (MT) target for drilling and is in the process of applying for the relevant permits. (see April 24, 2018 press release for more details.)

 

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, Chief Executive Officer 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. 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

info@pjxresources.com  

 

Forward-Looking Information

 

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.

To view the original release, please click here

Source: PJX Resources Inc. (TSX Venture:PJX)

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