Platinex Inc. (CSE: PTX) is pleased to announce that it has completed its previously announced non-brokered private placement, issuing a total of 13,722,000 units for gross proceeds of $960,540 with a lead order from Palisades Goldcorp. Each Unit consists of one common share of the Company and one common share purchase warrant of the Company. Each Warrant entitles the holder to acquire one additional Common Share at an exercise price of $0.10 for a period of 36 months from the date of issuance.
The Company intends to use the proceeds of the Private Placement to incur exploration expenses on its Shining Tree property and for general corporate and administrative purposes.
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. The closing of the Private Placement is subject to receipt of applicable securities regulatory approval.
In connection with the Private Placement, the Company paid Haywood Securities Inc., Canaccord Genuity Corp. and Mackie Research Capital Corporation aggregate cash fees of $13,112, equal to 6% of the subscription proceeds realized from subscribers introduced to the Private Placement by such Finders.
About Palisades Goldcorp
Palisades 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.
Platinex 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.
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We acknowledge the [financial] support of the Government of Canada.