Ms. Linda Brennan reports

PJX RESOURCES CLOSES PRIVATE PLACEMENT

PJX Resources Inc. has closed a non-brokered private placement initially announced by the company on Oct. 26, 2016, and increased on Oct. 28, 2016. The offering was closed in two tranches with the aggregate issuance of 15,045,666 units for total proceeds of $2,402,190.

"The positive market response and demand for our financing has provided additional funds to explore the deposit potential of our gold and base metal (zinc, lead, copper) properties," states the president and chief executive officer of PJX, John Keating. "In addition, metal prices have strengthened recently with zinc hitting a high of $1.17 (U.S.) per pound. This is about a 70-per-cent increase from a low of 68 U.S. cents per pound one year ago. Our next phase of exploration will include drilling on our Vine property to test multiple targets for zinc-lead-silver mineralization similar to the Sullivan deposit located 35 kilometres north of the property. The Vine property is accessible by road all year."

With regard to the financing, each flow-through unit consists of one flow-through share (within the meaning of the Income Tax Act (Canada) (ITA)) and one common share purchase warrant. Each non-flow-through unit consists of one common share and warrant. Each warrant, whether acquired as part of a flow-through unit or unit, entitles the holder to purchase one common share of the company at an exercise price of 25 cents for 36 months following completion of the offering.

The first tranche of the offering was completed on Oct. 31, 2016, through the issuance of 2,588,235 flow-through units at a price of 17 cents per flow-through unit for gross proceeds of $440,000. Each warrant issued with the aforementioned flow-through units entitles the holder to purchase one common share of the company at a price of 25 cents per warrant share until Oct. 31, 2019.

In connection with the closing of the first tranche of the offering, the company paid a cash finder's fee of $35,200 and issued the finder 207,058 non-transferable common share purchase warrants. Each of the finder's warrants entitles the finder to purchase one common share of the company at a price of 25 cents per finder share until Oct. 31, 2019.

All securities issued as part of the first tranche of the private placement are subject to a statutory four-month hold period expiring March 1, 2017.

The second tranche of the offering was completed on Nov. 18, 2016, through the issuance of 4,678,766 flow-through units at a price of 17 cents per flow-through unit for gross proceeds of $795,390 and 7,778,665 units at a price of 15 cents per unit for gross proceeds of $1,166,800. Each unit, regardless of whether it is a flow-through unit or a non-flow-through unit, includes one warrant share, which entitles the holder to purchase one common share of the company at a price of 25 cents per warrant share until Nov. 18, 2019.

In connection with the closing of the second tranche of the offering, the company may pay, in accordance with the policies and subject to regulatory approval, aggregate cash finders' fees of $97,407 to Richardson GMP Ltd., PI Financial Corp., Canaccord Genuity Corp., Raymond James Ltd. and EIS Brokerage Inc., and issue certain finders 588,218 non-transferable finder's warrants. Each of the finder's warrants entitles the finder to purchase one common share of the company at a price of 25 cents per finder share until Nov. 18, 2019.

All securities issued as part of the second tranche of the private placement are subject to a statutory four-month hold period expiring March 19, 2017.

The gross proceeds from the issuance of the flow-through units shall be used to finance exploration expenditures on the company's Cranbrook properties and will qualify as Canadian exploration expenses (as defined in the ITA).

The company's board of directors has authorized granting stock purchase options to certain directors, employees and consultants to acquire an aggregate of 3.39 million common shares at an exercise price of 20 cents, expiring Nov. 17, 2021. The foregoing is subject to regulatory acceptance.

We seek Safe Harbor.