Platinex increases private placement to $750,000 Platinex increases private placement to $750,000
2020-12-18 14:42 ET - News Release
An anonymous director reports
PLATINEX INCREASES FLOW THROUGH PRIVATE PLACEMENT FINANCING
Due to strong demand, Platinex Inc.'s non-brokered flow through private placement announced yesterday will be increased up to $750,000.
The non-brokered private placement shall consist of up to 10 million units at 7.5 cents per unit to raise up to $750,000. Each unit will consist of one flow-through common share of the company and one-half of one common share purchase warrant. Each full warrant is exercisable into a common share at an exercise price of 10 cents for a period of 24 months following the closing of the private placement.
The closing date of the private placement is anticipated to occur on or about Dec. 29, 2020, or such other date determined by the company. No further increases to the flow-through private placement are intended.
The company will use the proceeds to incur Canadian exploration expenses in Ontario on its Shining Tree property.
The company may pay a cash commission equal to 6 per cent of the proceeds from purchasers introduced to the corporation by the finder and a finders' warrant equal to 6 per cent of the securities sold to purchasers introduced to the corporation by the finder. The finders' warrant shall be exercisable into common shares at an exercise price of 7.5 cents for a period of 18 months following the closing of the private placement.
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 Platinex Inc. -- advancing a district-scale project in an Abitibi gold camp
Platinex is focusing its efforts on the exploration of its property in the Shining Tree district. Platinex has created the largest gold-focused property package in the Shining Tree district, Northern Ontario, which has received little modern exploration compared with 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.
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