Deal offers two types of units to fund expenditures, working capital
By Devika Patel
Knoxville, Tenn., April 1 – PJX Resources Inc. said it settled a C$1.27 million non-brokered private placement of units.
The company sold 6,365,000 units at C$0.20 per unit. It sold 2,855,000 flow-through units of one flow-through common share and one half-share warrant and 3.51 million non-flow-through units of one common share and one warrant.
Each whole warrant is exercisable at C$0.20 for two years. The strike price is a 42.86% premium to the closing share price of C$0.14 on March 31.
Proceeds will be used for property expenditures and exploration in British Columbia and general working capital.
“Recent drilling on the Vine Property has discovered zinc mineralization in a geological environment with the potential to host a Sedex zinc-lead-silver type of deposit,” president and chief executive officer John Keating said in a press release. “Computer modelling of the gravity geophysics is underway to define the next target to test by drilling. The property can be drilled at any time of the year and has great infrastructure. Two power lines, rail and roads cross the property, located 20 minutes south along Highway 3 from Cranbrook, B.C.”
The company will pay C$26,000 in finders’ fees to Canaccord Genuity Corp., GMP Securities LP and PI Financial Corp.
The Toronto-based company produces gold and other metals.
| Issuer: | PJX Resources Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant and non-flow-through units of one common share and one warrant
|
| Amount: | C$1,273,000
|
| Units: | 6,365,000
|
| Price: | C$0.20
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.20
|
| Agent: | Non-brokered
|
| Settlement date: | April 1
|
| Stock symbol: | TSX Venture: RK
|
| Stock price: | C$0.14 at close March 31
|
| Market capitalization: | C$6.09 million
|
|
|
| Flow-through units
|
| Amount: | C$571,000
|
| Units: | 2,855,000
|
| Warrants: | One half-share warrant per unit
|
|
|
| Non-flow-through units
|
| Amount: | C$702,000
|
| Units: | 3.51 million
|
| Warrants: | One warrant per unit
|
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