- Platinex (PTX) has signed an agreement with Fancamp Exploration (FNC)
- The agreement is in connection with advancing gold mineral properties in Ontario’s Timmins mining camp
- Platinex will conduct a $1M non-brokered private placement of flow-through units
- It will also conduct a $1.5M private placement of non-flow-through units, of which Fancamp will subscribe for 9.5 per cent of Platinex’s issued and outstanding shares
- CEO Rajesh Sharma spoke with Brieanna McCutcheon about the news
- Platinex creates shareholder value by acquiring and advancing projects in prolific Ontario mining camps
- Fancamp is a Canadian mineral exploration company with properties in Quebec, Ontario and New Brunswick
- Platinex (PTX) is down by 20 per cent trading at $0.04 per share
- Fancamp Exploration (FNC) is unchanged trading at $0.105 per share
Platinex (PTX) has signed an agreement with Fancamp Exploration (FNC).
The agreement is in connection with advancing the exploration and development of gold mineral properties in Ontario’s Timmins mining camp.
Platinex and Fancamp will transfer certain mining properties to South Timmins Mining (Goldco), a wholly-owned subsidiary of Platinex.
The two companies will also sign a shareholders’ agreement respecting the operations of Goldco.
The Heenan Mallard Gold Project and the Shining Tree Gold Property are expected to be the first projects to be drilled.
Pursuant to the transaction, Platinex will conduct a $1 million non-brokered private placement of flow-through units. It will also conduct a $1.5 million non-brokered private placement of non-flow-through units, of which Fancamp will subscribe for 9.5 per cent of Platinex’s issued and outstanding shares.
CEO Rajesh Sharma spoke with Brieanna McCutcheon about the news.
Platinex creates shareholder value by acquiring and advancing projects in prolific Ontario mining camps.
Fancamp is a Canadian mineral exploration company with properties in Quebec, Ontario and New Brunswick, including chromium, strategic rare-earth metals, gold, zinc, titanium and more.
Platinex (PTX) is down by 20 per cent trading at $0.04 per share as of 10:22 am EST.
Fancamp Exploration (FNC) is unchanged trading at $0.105 per share.
