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Enter Symbol
or Name
USA
CA



PJX Resources Inc
Symbol PJX
Shares Issued 37,974,201
Close 2014-08-21 C$ 0.12
Market Cap C$ 4,556,904
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PJX Resources arranges unit private placement

2014-08-22 10:16 ET - News Release

Ms. Linda Brennan reports

PJX RESOURCES ANNOUNCES PRIVATE PLACEMENT

PJX Resources Inc. has arranged a non-brokered private placement of 4.8 million units through the issuance of flow-through and non-flow-through units at a price of 15 cents per flow-through unit and 12.5 cents per unit. Each flow-through unit will consist of one flow-through share and one non-transferable common share purchase warrant. Each unit will consist of one common share and one non-transferable common share purchase warrant. Each warrant, whether acquired as part of a flow-through unit or unit, will entitle the holder to purchase one common share at an exercise price of 20 cents for 24 months following completion of the offering.

The private placement, and any modifications to it, are subject to compliance with applicable securities laws and to receipt of the approval of the TSX Venture Exchange. The company may pay finders' fees in accordance with the policies of the TSX-V.

The company intends to use the net proceeds of the offering for expenditures on its properties located in Cranbrook, B.C., and for general working capital. The proceeds from the issuance of the flow-through units shall be used to finance exploration expenditures on the Cranbrook properties and will qualify as Canadian exploration expenses (as defined in the Income Tax Act).

The company is also pleased to announce that it extended the exercise period of a total of 8,939,500 outstanding share purchase warrants. The warrants were issued pursuant to a private placement completed between Aug. 17, 2012, and Oct. 4, 2012, and accepted for filing by the TSX Venture Exchange on Oct. 4, 2012. The warrants are due to expire on Sept. 25, 2014, and Oct. 3, 2014, and are exercisable at 25 cents per share. The new expiration date of the warrants is Sept. 25, 2015.

The company is also pleased to announce that it has also amended the purchase price of a total of 6,319,500 outstanding warrants. The warrants were issued pursuant to the aforementioned private placement. The amended warrants are exercisable at 20 cents per share. The company's 2.62 million warrants issued pursuant to the private placement and held by insiders of the company and will not be repriced.

The TSX-V has consented to the warrant extension and repricing.

Exploration has identified numerous targets with gold or base metal potential on the company's Cranbrook properties. The company is of the view that the next targets to test, on the Vine property, have potential to host sedex (sedimentary exhalative) massive sulphide zinc, lead, and silver mineralization. There are two large target areas (eastern and western) on the Vine property. Only three holes have been drilled to a target depth of the footwall quartzite in the eastern target area. Two of these holes, drilled in the 1990s, intersected zinc, lead, silver massive sulphide mineralization. The third is PJX's recent hole, which intersected a possible important structure for controlling mineralization. The western gravity target area has never been drilled. More detailed gravity and magnetic geophysical surveys are planned prior to testing.

"The geological environment is considered by consulting geologists to be similar to the Sullivan sedex deposit that is located 35 kilometres north of the Vine property. The property is crossed by power lines and rail with road access year-round, and is only a 20-minute drive south along Highway 3 from mining-friendly Cranbrook," stated company president and chief executive officer John Keating.

The foregoing geological disclosure has been reviewed by John Keating, PGeo, a qualified person for the purpose of National Instrument 43-101, Standards of Disclosure for Mineral Projects. Mr. Keating is the president, chief executive officer and a director of PJX.

We seek Safe Harbor.

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