AURORA, ON, April 27 /CNW/ - Platinex Inc. (TSX-V: PTX), a Canadian
exploration company, announced today that it intends to complete a
non-brokered private placement of up to 500,000 common shares at $0.40 per
share, for gross proceeds of $200,000.00. Proceeds of the private placement
will be used to pay outstanding debts and for immediate working capital
purposes. The private placement is subject to regulatory approval and is
expected to close on or about May 12, 2007.
On April 2, 3 and 4, 2007, Kitchenuhmaykossib Inninuwug ("KI"), argued
its motion for an order prohibiting Platinex Inc. from conducting any drilling
on the Big Trout Lake property until the trial of the main action. Platinex
opposed the motion. The Provincial Government proposed a court supervised
process that would allow Platinex to commence its drilling while consultation
continued. Platinex supported this proposal. The court reserved its judgment.
As of the date of this document, a decision has not been rendered.
This news release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities in any jurisdiction.
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 became listed for trading on the TSX Venture Exchange on
November 4, 2005, under the symbol PTX.
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FORWARD-LOOKING STATEMENTS: 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: Jim Trusler, President, Platinex Inc., Phone:
(905) 727-9046, Fax: (905) 727-4313, e-mail: email@example.com