PTX Metals Announces Flow Through Financing to Accelerate Activities and for Phase 2 Drilling at W2
April 17 2024 - 9:33AM
PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt:
9PX) (“PTX” or the “Company”) is pleased to announce that the
Company has closed the first tranche of a non-brokered flow-through
private placement raising $300,000 consisting of 7,500,000 units at
a price of $0.04 per unit (the “FT Units Offering”).
The Company expects to close a final tranche of the FT Units
Offering raising a total of $750,000. The use of proceeds will be
used to complete an exploration target (towards providing an
estimated range of tonnage and grade) based on the historical and
current drilling at W2 (see press release dated April 9, 2024), to
commence a Phase 2 drilling program at W2 and a program of
prospecting and sampling.
Each FT Units Offering consists of one common share in the
Capital of the Company to be issued as a “flow-through share” (“FT
Share”) within the meaning of the Income Tax Act (Canada)
and one half of one common share purchase warrant (a “Warrant“).
Each Warrant shall be exercisable into one non-flow-through common
share of the Company at a price of $0.05 per share at any time on
or before the exercise date, which is 24 months after the closing
date of the FT Offering.
The Company will use the gross proceeds of the FT Offering to
incur eligible Canadian exploration expenses that are “flow-through
critical mineral mining expenditures” and will qualify as
flow-through mining expenditure as such terms are defined in the
Income Tax Act (Canada) related to the W2 Copper Nickel PGE
Project, on or before Dec. 31, 2025. All qualifying expenditures
will be renounced in favour of the subscribers effective Dec. 31,
2024.
The FT Offering is subject to receipt of all necessary
regulatory approvals including the Canadian Securities Exchange.
The shares and warrants comprising the FT Units are subject to
a four month plus one day hold period from the Closing date in
accordance with applicable securities laws.
The closing of the Offering is subject to certain conditions
including, but not limited to, receipt of all necessary regulatory
approvals. The Company paid a finder’s fee of 7% in cash for the
first tranche, for a total of $21,000 in connection with the
Offering.
About W2W2 is a district scale land package
comprised of 1,156 cell units covering 22,762 ha (227 km2) in an
area of world-class geological targets located in the Oxford Stull
Dome Complex near Ontario’s Ring of Fire. W2 controls the
mineral-rich and under-explored, layered mafic-ultramafic Lansdowne
House Igneous Complex (“LHIC”), which is highly prospective for
copper-nickel (Cu-Ni), platinum group element (PGE), gold and
chromite deposits. The common thread of strong Cu-Ni-PGE, Cr and
Ti-V mineralization in the mafic-ultramafic intrusions ringing the
Oxford Stull Dome is suggestive of a common source, a very large
magmatic system, and therefore a potential significant abundance of
metals in each intrusion.
Historical work, including approximately 20,000 metres of
drilling in the W2 area by operators such as INCO and Aurora
Platinum, has been delineated at least seven significant
mineralized zones within a 7.5 km long folded corridor near the
centre of the land package. Additionally, VTEM and AeroTEM II
airborne geophysical surveys have identified multiple high-priority
conductors in the eastern section of the property which have yet to
be drill tested.
Qualified PersonThe technical information
presented in this news release has been reviewed and approved by
Shuda Zhou, PGeo, a qualified person as defined by National
Instrument 43-101, Standards of Disclosure for Mineral
Projects.
About PTX Metals Inc.PTX Metals
is a minerals exploration Company with two flagship projects
situated in northern Ontario, renowned as a world-class mining
jurisdiction for its abundance of mineral resources and investment
opportunities. The corporate objective is to advance the
exploration programs towards proving the potential of each asset,
which includes the W2 Copper Nickel PGE Project and South
Timmins Gold Projects.
The portfolio of assets offers investors
exposure to some of the world’s most valuable metals including gold
as well as essential metals critical for the clean energy
transition such as copper, nickel, uranium and rare metals. The
projects were acquired for their geologically favorable attributes,
and proximity to established mining producers. PTX work programs
are designed by a team of expert geologists with extensive career
knowledge gained from their tenure working for global mining
companies in northern Ontario.
PTX Metals is based in Toronto, Canada, with a
primary listing on the Canadian Securities Exchange under the
symbol PTX. The company is also listed in Frankfurt under the
symbol 9PF and on the OTCQB in the United States as PANXF.
For additional information on PTX Metals, please
visit the Company’s website at https://ptxmetals.com/.
For further information, please contact:
Greg Ferron, President and Chief Executive Officer Phone:
416-270-5042Email: gferron@ptxmetals.com