/NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES/
AURORA, ON, Oct. 2 /CNW/ - Platinex Inc. (TSX-V: PTX), a Canadian
exploration company, announced today that it is seeking to raise up to
$1,400,000 of gross proceeds through a non-brokered private placement of units
(the "Units") and flow-through common shares.
Proceeds from the private placement of flow-through shares will be used
to pay for exploration activities and proceeds from the private placement of
Units will be used for working capital purposes. The private placement is
subject to regulatory approval and is expected to close in one or more
closings ending no later than October 15, 2008.
Flow-though common shares are to be sold for $0.15 per share. The Units
are to be sold for $0.125 per Unit.
Each 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. If the daily weighted
average trading price of the common shares is over $0.70 per share for a
period of 20 consecutive trading days ending more than 4 months after the last
closing date, the Company may accelerate the expiry date of the warrants.
The Company will pay a cash commission of up to 8% to finders in respect
of the flow-through common shares and the Units.
Currently, the Company has 25,891,548 shares outstanding and 12,528,027
warrants and options outstanding at exercises prices ranging from $0.14 to
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). Opportunistic acquisition and exploration
of other selected precious metal targets is secondary, but will enable the
Company to grow faster. 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
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.
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For further information:
For further information: Platinex Inc., James R. Trusler, President &
CEO, Tel: (905) 470-6400, Email: email@example.com; CHF Investor
Relations, Cathy Hume, CEO, Tel: (416) 868-1079 ext. 231, Email: