AURORA, ON, Oct. 24 /CNW/ - Platinex Inc. (TSX Venture: PTX), reported
today that it intends to issue 500,000 warrants in trust for the
Kitchenuhmaykoosib Inninuwug First Nation ("KI") subject to approval by the
TSX Venture Exchange.
In his decision of May 22, 2007, Mr. Justice Smith of the Ontario
Superior Court of Justice made a declaratory order which imposed a memorandum
of understanding on Platinex, KI and the Government of Ontario. One of the
terms of the memorandum of understanding was that Platinex would agree to
issue up to 500,000 warrants to KI in connection with the 24 drill hole
program proposed for Platinex's Big Trout Lake property ("Phase I"). The
warrants are to have an expiry date two years after the date of issuance and
an exercise price of $0.40 per common share. The memorandum of understanding
also provides that Platinex will establish a fund to benefit the KI community
and that Platinex will contribute 2% of all monies spent by Platinex in
connection with Phase 1 to that fund.
Platinex will be appearing in the Ontario Superior Court of Justice on
October 25, 2007, in Thunder Bay, Ontario, concerning the Phase I drilling
program. Subject to any further direction from the Court and approval by the
TSX Venture Exchange, Platinex intends to proceed to issue the KI warrants in
the name of a trustee, for release upon acceptance by KI, or as otherwise
directed by the Court, in connection with the Phase I drilling program. The
warrants and the underlying shares will be subject to the usual hold period
expiring four months from the date of issuance of the warrants.
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.
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ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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For further information:
For further information: Platinex Inc.: James R. Trusler, President &
CEO, Tel: (905) 727-9046, Email: email@example.com; CHF Investor Relations:
Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: firstname.lastname@example.org; Chris
Haldane, Tel: (416) 868-1079, ext. 237, email@example.com