Platinex (PTX) has signed an agreement with Fancamp Exploration (FNC) The agreement is in connection with advancing gold mineral properties owned by signing parties in the Timmins mining camp Furthermore, Platinex will conduct a non-brokered private placement of flow-through units It will also conduct a private placement of non-flow-through units, of which Fancamp will subscribe for 9.5 per cent of the issued and outstanding shares of Platinex Platinex creates shareholder value by acquiring and advancing projects in prolific Ontario mining camps Platinex Inc. was down 10 per cent, trading at $ 0.045 at 12:29 ET
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 owned by the signing parties in the Timmins mining camp.
The transaction has several components. The first is that Platinex and Fancamp will transfer certain mining properties which they currently hold to South Timmins Mining Inc. (Goldco), a 100-per-cent wholly-owned subsidiary of Platinex.
The two companies will also sign a shareholders’ agreement respecting the operations of Goldco.
Furthermore, Platinex will conduct a non-brokered private placement of flow-through units. It will also conduct a private placement of non-flow-through units, of which Fancamp will subscribe for 9.5 per cent of the issued and outstanding shares of Platinex.
“The transaction creates a stronger gold-focused growth vehicle in a world-class Ontario gold camp and brings in a strong joint venture partner, Fancamp, with access to capital and technical expertise, allowing us to accelerate exploration at Shining Tree Gold Project,” said Greg Ferron, President and Chief Executive Officer of Platinex.
Regarding the offering, Platinex will conduct a non-brokered private placement raising up to $ 1,500,000 of units at a price of $ 0.04 per unit, of which Fancamp will subscribe units, representing approximately 9.5 per cent of the issued and outstanding shares of Platinex.
Platinex will also conduct a non-brokered private placement of flow-through units for an additional $ 1,000,000 at a price of $ 0.045 per FT unit.
Each unit will consist of one common share of the company and one half of one common share purchase warrant, with each whole warrant exercisable into one common share of the company at a price of $ 0.055 at any time on or before the date which is 60 months from the closing of the non-FT offering.
Each FT unit will consist of one common share 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.
Each warrant shall be exercisable into one non-flow-through common share at a price of $ 0.055 per share at any time on or before the date, which is 60 months after the closing date of the FT offerings.
Platinex creates shareholder value by acquiring and advancing projects in prolific Ontario mining camps.
Platinex Inc. was down 10 per cent, trading at $ 0.045 at 12:29 ET.
The post Platinex (CSE:PTX) acquires Ontario gold assets, signs agreement with Fancamp (TSXV:FNC) and announces $ 2.5M equity financing appeared first on The Market Herald.
Platinex (CSE:PTX) acquires Ontario gold assets, signs agreement with Fancamp (TSXV:FNC) and announces .5M equity financing