PTX Metals Closes Financing
2024年5月13日 - 10:11PM
PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt:
9PX) (“PTX” or the “Company”) is pleased to announce the
Company has closed an oversubscribed Offering non-brokered
flow-through private placement raising $860,000 (inclusive of the
$300,000 raised in the first tranche see press release dated April
17, 2024) resulting in the additional issuance of 14,000,000 units
at a price of $0.04 per unit (the “FT Offering”).
The proceeds will be used to fund the completion of an
exploration target resource model completed by BAW Mining Inc.
which will provide an estimated range of tonnage and grade by
incorporating historical and current drilling data for W2 and to
accelerate other exploration activities.
Each unit consists of one common share in the Capital of the
Company to be issued as a “flow-through share” within the meaning
of the Income Tax Act (Canada) and one half of one common
share purchase warrant (a “Warrant “) (an” FT Unit”). Each Warrant
shall be exercisable into one non-flow-through common share of the
Company at a price of $0.05 per share at any time on or before the
exercise date, which is 24 months after the closing date of the
financing. The Warrant has an accelerator clause providing the
Company the right to accelerate the expiry date of the Warrants if
the closing price of the Company’s common shares is at a price
equal to or greater than $0.10 for a period of 20 consecutive
trading days.
Gross proceeds of the FT Offering will incur eligible Canadian
exploration expenses that are “flow-through critical mineral mining
expenditures” and will qualify as flow-through mining expenditure
as such terms are defined in the Income Tax Act (Canada) related to
the W2 Copper Nickel PGE Project, on or before Dec. 31, 2025. All
qualifying expenditures will be renounced in favour of the
subscribers effective Dec. 31, 2024.
The FT Offering is subject to receipt of all necessary
regulatory approvals including the Canadian Securities Exchange.
The shares and warrants comprising an FT Unit are subject to a
four month plus one day hold period closing date (September 10,
2024) in accordance with applicable securities laws.
In connection with the FT Offering, the Company paid finder’s
fee of 7% in cash for the second tranche, for a total of $20,531
and the issuance of 414,750 finders warrant, exercisable to
purchase an additional common share of the Company at a price of
$0.05 per share for a period of 24 months from closing.
About PTX Metals Inc.PTX Metals
is a minerals exploration Company with two flagship projects
situated in northern Ontario, renowned as a world-class mining
jurisdiction for its abundance of mineral resources and investment
opportunities. The corporate objective is to advance the
exploration programs towards proving the potential of each asset,
which includes the W2 Copper Nickel PGE Project and South
Timmins Gold Projects.
The portfolio of assets offers investors
exposure to some of the world’s most valuable metals including gold
as well as essential metals critical for the clean energy
transition such as copper, nickel, uranium and rare metals. The
projects were acquired for their geologically favorable attributes,
and proximity to established mining producers. PTX work programs
are designed by a team of expert geologists with extensive career
knowledge gained from their tenure working for global mining
companies in northern Ontario.
PTX Metals is based in Toronto, Canada, with a
primary listing on the Canadian Securities Exchange under the
symbol PTX. The company is also listed in Frankfurt under the
symbol 9PF and on the OTCQB in the United States as PANXF.
For additional information on PTX Metals, please
visit the Company’s website at https://ptxmetals.com/.
For further information, please contact:
Greg Ferron, President and Chief Executive Officer Phone:
416-270-5042Email: gferron@ptxmetals.com