TORONTO, Dec. 13, 2017 (GLOBE NEWSWIRE) -- Platinex Inc. (CSE:PTX) (the "Company") announces a proposed shares-for-debt settlement transaction (the “Debt Settlement”) in which Platinex would issue 138,888 common shares at a price of $0.09 per share to Skead Holdings Ltd., and Ashley Gold Mines Limited (the Creditors”) in connection with the settlement of an option payment respecting the Shining Tree property. The option payment comprises an aggregate amount of $25,000, which includes a $12,500 payment in cash.
An Exploration Plan has been filed for the Shining Tree property and an Exploration Permit is pending approval. A qualifying report is near completion following which Platinex wishes to finance the project internally or through joint venture and subsequently resume exploration on its expanded property holdings.
Further to the Final Closing of the Private Placement announced on November 30, 2017, the Company has paid an additional $5,600 of finder's fees and issued an additional 112,000 Broker Units brings the total of finder’s fees issued in the Private Placement to $10,800 and a total of 216,000 Broker Units issued.
All securities issued in connection with the Private Placement and the shares for debt settlement will be subject to a four month plus one day hold period from the date of issuance in accordance with applicable securities laws.
Lori Paradis, Corporate Secretary
Tel: (416) 268-2682
Email: lparadis@platinex.com
Web: www.platinex.com
About Platinex Inc.
Platinex is currently focusing efforts on developing various strategies to capitalize on the lucrative growth of the cannabis sector in North America. At the same time Platinex has been focusing its mining business efforts in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone Belt. Shares of Platinex are listed for trading on the Canadian Securities Exchange under the symbol "PTX".
To receive Company press releases, please email lparadis@platinex.com and mention “Platinex press release” on the subject line.
FORWARD-LOOKING STATEMENTS:
This news release may contain forward-looking statements and information based on current expectations. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Such statements include submission of the relevant documentation within the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of the applicable assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any of these events will occur. Although such statements are based on management's reasonable assumptions, there can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or revise them to reflect new events or circumstances.
Investing into early stage companies, inherently carries a high degree of risk and investment into securities of the Company shall be considered highly speculative. Furthermore, the Company seeks to enter the cannabis market in the United States, where some states have legalized cannabis for medical or adult recreational use, while cannabis remain illegal under United States Federal law. As such, the Company may become subject to additional government regulation and legal uncertainties that could restrict the demand for its services or increase its cost of doing business, thereby adversely affecting its financial results.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued, or to be issued, under the Private Placement have not been, and will not be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The Canadian Securities Exchange has not passed upon the merits of the Private Placement and has not approved nor disapproved the contents of this press release.