Platinex Completes First Closing of Private Placement



    AURORA, ON, Aug. 9 /CNW/ - Platinex Inc. (TSX Venture: PTX) today
reported that further to the announcement on August 2nd the Company completed
its first closing of a non-brokered private placement for gross proceeds of
$930,300 on August 8, 2007, comprised of 2,116,001 non-flow-through units (the
"NFT Units") and 850,000 flow-through common shares. The common shares are
subject to a four-month hold period expiring December 9, 2007.
    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 during the 24 months
following closing.
    Proceeds of the private placement will be used to pay outstanding debts,
for exploration and for working capital purposes. Subject to regulatory
approval, this is the first of several closings, which are now expected to be
fully completed on or about August 31, 2007.
    James R. Trusler, President and CEO of Platinex Inc., stated, "I am
pleased with the success of the financing as it gives recognition to the
tremendous potential of the Big Trout Lake property and supports Platinex's
plans to explore the property in cooperation with the local First Nations."
    Terms for payment of finder's fees remain as stated in the Company's
press release dated August 2, 2007.
    Accounting for the private placement, there are 18,263,763 issued and
outstanding common shares of Platinex Inc.

    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.

    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.

    %SEDAR: 00014019E




For further information:

For further information: please visit www.platinex.com or contact:
Platinex Inc., James R. Trusler, President & CEO, Tel: (905) 727-9046, Email:
jim@platinex.com; CHF Investor Relations, Cathy Hume, CEO, Tel: (416) 868-1079
ext. 231, Email: cathy@chfir.com

Organization Profile

PLATINEX INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890