AURORA, ON, Sept. 7 /CNW/ - Platinex Inc. (TSX Venture: PTX), today
reported that further to the announcements on August 2nd, 9th and 14th, 2007,
it has concluded a further financing to raise $1,150,500 of gross proceeds
comprising 2,878,333 Non-Flow-Through Units (the "NFT Units") and 820,000
flow-through common shares. The common shares are subject to a four-month hold
period expiring January 1, 2008.
Flow-through common shares were sold at $0.35 per share. The NFT Units
were sold at $0.30 per unit. Each NFT Unit consists of one non-flow-through
common share and one warrant. Each warrant grants the right to purchase one
non-flow-through common share at $0.35 per share on or before August 8, 2009.
Proceeds of the private placement will be used to pay for exploration and
working capital purposes. Subject to regulatory approval this is the third
closing. Platinex has now raised $2,840,800 and is seeking to raise up to
$3,500,000 in total prior to September 30, 2007.
The Company paid an 8% cash commission to finders and issued warrants
granting finders the right to purchase 191,467 NFT Units for $0.30 per unit
and the right to purchase 59,300 common shares for $0.35 per share, each
exercisable on or before August 8, 2009.
Evaluation of the 17,000 feet of core obtained from an INCO joint venture
last year which was drilled between 1973 and 1980 on the Big Trout Lake
layered igneous complex has now commenced and should be completed before the
end of the year. The core obtained has not previously been systematically
examined for platinum group elements.
Accounting for the private placement to date, there are 24,131,120 issued
and outstanding common shares of Platinex Inc.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction. The
securities will not be registered under the United States Securities Act of
1933, as amended (the "1933 Act"), or the securities laws of any state of the
United States, and may not be offered or sold in the United States absent
registration or an applicable exemption therefrom under the 1933 Act and the
securities laws of all applicable states.
About Platinex Inc.
Platinex is a Canadian exploration company based near Toronto. Platinex
focuses on carefully selected Platinum Group Element targets in settings
analogous to the JM reef (Stillwater Complex, Montana) and the Merensky and
UG2 reefs (Bushveld Complex, RSA). Platinex is determined to find platinum
sources to be used in the campaign to eliminate the threat of global warming.
Shares of Platinex are listed for trading on the TSX Venture Exchange under
the symbol PTX.
Except for statements of historical fact, all statements in this news
release - including, without limitation, statements regarding future plans and
objectives, are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate; actual results and future events could differ materially from those
anticipated in such statements.
THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
For further information:
For further information: Platinex Inc., James R. Trusler, President &
CEO, Tel: (905) 727-9046, Email: firstname.lastname@example.org; CHF Investor Relations,
Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: email@example.com; To
receive Company press releases, please email firstname.lastname@example.org and mention
"Platinex" on the subject line.