Platinex Announces Private Placement Financing with a Lead Order from Palisades Goldcorp
August 10 2020 - 7:30AM
Platinex Inc. (CSE: PTX) (the
"
Company" or "
Platinex") wishes
to announce a non-brokered private placement up to $1,000,000 with
a lead order from Palisades Goldcorp of $700,000.
The non-brokered private placement (the
"Private Placement") shall consist of up to
14,285,715 units ("Units") at $0.07/Unit to raise
$1,000,000. Each Unit will consist of one common share
("Common Share") of the Company and one Common
Share purchase warrant (each a "Warrant").
Each Warrant is exercisable into a Common Share at an exercise
price of $0.10 for a period of 36 months following the closing of
the Private Placement.
The closing date of the Private Placement is
anticipated to occur on or about August 24, 2020 or such other date
determined by the Company.
The Company will use the proceeds for working
capital purposes.
The Company may pay a cash commission equal to
6% of the subscription price for the securities sold to purchasers
introduced to the Corporation by the finder. There will be no
commission payable on the Palisades order.
All securities issued in connection with this
Private Placement will be subject to a four month plus one day hold
period from the date of issuance in accordance with applicable
securities laws.
About Palisades
GoldcorpPalisades Goldcorp is Canada's new resource
focused merchant bank. Palisades' management team has a
demonstrated track record of making money and is backed by many of
the industry's most notable financiers. With junior resource
equities valued at generational lows, management believes the
sector is on the cusp of a major bull market move. Palisades is
positioning itself with significant stakes in undervalued companies
and assets with the goal of generating superior returns.
About Platinex Inc. – Advancing a
District Scale Project in an Abitibi Gold CampPlatinex is
focusing its efforts on the exploration of its property in the
Shining Tree District. Platinex with its recent acquisition has
created the largest combined gold focused property package in the
Shining Tree District, Northern Ontario, which has received little
modern exploration compared to other gold camps in the Abitibi
Greenstone Belt. The Company is also utilizing its proprietary data
to seek financial backing to secure and advance major Platinum
Group Element properties in North America. Shares of Platinex are
listed for trading on the Canadian Securities Exchange under the
symbol "PTX".
To receive Company press releases, please
email lparadis@platinex.com and mention “Platinex press
release” on the subject line.
FORWARD-LOOKING STATEMENTS:
This news release may contain forward-looking
statements and information based on current expectations. These
statements should not be read as guarantees of future performance
or results. Such statements involve known and unknown risks,
uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from those
implied by such statements. Such statements include use proprietary
data to seek financial backing to advance its platinum group
properties, submission of the relevant documentation within the
required timeframe and to the satisfaction of the relevant
regulators, completing the acquisition of applicable assets and
raising sufficient financing to complete the Company's business
strategy. There is no certainty that any of these events will
occur. Although such statements are based on management's
reasonable assumptions, there can be no assurance that such
assumptions will prove to be correct. We assume no responsibility
to update or revise them to reflect new events or circumstances,
except as required by applicable securities laws.
Investing into early stage companies, inherently
carries a high degree of risk and investment into securities of the
Company shall be considered highly speculative.
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 province 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.
The Canadian Securities Exchange has not
passed upon the merits of the Private Placement and has not
approved nor disapproved the contents of this press
release.