- Platinex (PTX) has completed the first tranche of a private placement, raising proceeds of $1.25 million
- Under an agreement with Fancamp Exploration, Fancamp will acquire 9.5 per cent of Platinex’s shares
- To date, Platinex has raised $720,500 by issuing 18,012,500 units and $530,550 by issuing 11,790,000 FT units
- The company has upsized its non-FT unit offering from $1.5 million to $2.0 million
- Platinex Inc is a Canadian-based mining exploration company focused on the mining of precious and base metals
Platinex (PTX) has completed the first tranche of a private placement, raising proceeds of $1.25 million.
The financing is tied to an agreement with Fancamp Exploration Ltd with respect to advancing the exploration and development of certain gold mineral properties owned by the parties located in the Timmins, Ontario mining camp.
As part of the transaction, Fancamp will subscribe for 9.5 per cent of the issued and outstanding shares of Platinex. The balance of the financing will occur in tranches, raising approximately $2.5 million. The transaction, including the financing, is expected to close on or about March 13, 2023.
The TSX Venture Exchange has approved the transaction in respect of Fancamp’s participation.
To date, Platinex has raised $720,500 by issuing 18,012,500 units at a price of $0.04 per unit and $530,550 by issuing 11,790,000 FT units priced at $0.045 per FT unit.
The company has upsized its non-FT unit offering from $1.5 million to $2.0 million.
The gross proceeds of the FT offering will be used by Platinex to incur eligible “Canadian exploration expenses” related to the gold projects, including the Shining Tree and Swayze properties.
All securities issued are subject to a statutory four-month hold period.
About Platinex Inc.
Platinex Inc is a Canadian-based mining exploration company focused on the mining of precious and base metals. Current assets include a 100 per cent ownership interest in the W2 Copper-Nickel-PGE Project and a 100 per cent interest in the 225 sq. km Shining Tree Gold Project in the Abitibi region of Ontario.
Platinex Inc. (PTX) opened trading at C$0.045.
