Star Metro - PJX Resources Announces Non-Brokered Private Placement Of $1.6 Million

Each Flow Through Unit consists of one common share to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one common share purchase warrant. Each Unit consists of one common share and one common share purchase warrant. Each warrant acquired, whether with a Flow Through Unit or a Unit, will entitle the holder to purchase one common share at an exercise price of $0.20 for 24 months following completion of the Private Placement

Certain directors of PJX, may participate in the private placement. As insiders, the subscriptions of these parties will be considered to be a "related party transaction" within the meaning of TSXV Policy 5.9 and Multilateral Instrument 61-101 ("MI 61-101"). PJX intends to rely on the exemptions from the valuation and minority shareholder approval requirements of MI 61-101 contained in sections 5.5(a) and 5.7(a) of MI 61-101 in respect of such insider participation.

Finders fees comprised of cash and non-transferable Warrants may be paid in respect of the Private Placement. The Warrants will entitle the holder to purchase one common share at an exercise price of $0.20 for 24 months following completion of the Private Placement.

All securities issuable in connection with the Private Placement will be subject to a statutory hold period in Canada which will run for four months from the date of the closing of the Private Placement. The Private Placement is subject to compliance with applicable securities laws and to receipt of the final approval and acceptance of the TSX Venture Exchange.

PJX intends to use the net proceeds of the Private Placement for expenditures on its properties located in Cranbrook, British Columbia, and for general working capital purposes. The Company will expend an amount equal to the gross proceeds received by the Company from the sale of the Flow Through Units, pursuant to the provisions in the Income Tax Act (Canada), to incur eligible "Canadian exploration expenses" that qualify as "flow-through critical mineral mining expenditures" as both terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's projects in British Columbia, on or before December 31, 2026, and to renounce all the Qualifying Expenditures in favour of the subscribers of the Flow Through Units effective December 31, 2025.

Exploration Update

PJX Resources Inc. ("PJX" or the "Company") is pleased to announce that drilling will commence to test 3 Sedimentary Exhalative (Sedex) horizons identified by drilling during 2024. (see news release January 17, 2024). Each horizon has the potential to host a Sedex type deposit possibly similar to the Sullivan mine located about 20 km to the west. The potential to discover a zinc, lead, copper, silver, gold, and critical metal deposit is greatly supported by the presence of Sullivan style and grade boulders discovered at surface by prospectors. The boulders and mineralisation occur near the center of PJX's 100% owned, 200 km², Dewdney Trail Property in the Sullivan Mining District near Cranbrook, British Columbia, Canada.

John Keating, President of PJX, commented, "This recent additional financing will allow PJX to explore throughout the Summer and into the Fall. The possibility to discover a Sullivan type deposit with infrastructure (rail, power, roads) adjacent to the property makes the Dewdney Trail exploration potential very attractive. The Sullivan mine operated for over 90 years and produced more than 120 million tonnes of silver-lead-zinc ore before it closed in 2001. The Geological Survey of Canada reports a geological resource for the Sullivan deposit of more than 160 million tonnes averaging 6.5% lead, 5.6% zinc and 67 g/t silver."

PJX's New Discovery Potential

PJX owns 100% of the mineral rights to multiple properties totaling over 680 km² of mineral claims in the Sullivan Mining District. Exploration in late 2023 discovered boulders and outcrop of Sullivan deposit style and grade mineralization on PJX's Dewdney Trail Property that is over 200 km² in size. The zinc, lead, silver, copper, gold, and other critical metal mineralization discovered at surface on the Dewdney Trail Property is magnetic and appears to be associated with a strong to moderate magnetic airborne geophysical anomaly that can be traced for over 1.6 km. Drilling in 2024 confirms a geological environment with sulphide mineralization that supports the potential to discover a Sedex type deposit, like the Sullivan deposit. Strongly mineralised boulders with zinc, lead, copper, silver, gold and other critical metals discovered at the surface indicate that the mineralizing system produced Sullivan style and grade mineralisation. PJX's primary focus will be to drill and discover the source of the boulders. Additional targets will be explored by prospecting and mapping.

The geological disclosure and content of this news release has been reviewed and approved by John Keating P.Geo. (qualified persons for the purpose of National Instrument 43-101 Standards of Disclosure for Mineral Projects). Mr. Keating is the President, Chief Executive Officer and a Director of PJX.

About PJX Resources Inc.

PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources with a focus on gold, silver and base metals (zinc, lead, copper, nickel). PJX's properties are located in the historical Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley, British Columbia. Please refer to our web site http://www.pjxresources.com for additional information.

FOR ADDITIONAL INFORMATION PLEASE CONTACT:

Linda Brennan, Chief Financial Officer
(416) 799-9205
[email protected]

Cautionary Note Regarding Forward-Looking Information

The information in this news release has been prepared as at the date noted above. Certain statements in this news release, referred to herein as "forward-looking statements", constitute "forward-looking statements" under the provisions of Canadian provincial securities laws. These statements can be identified by the use of words such as "expected", "may", "will" or similar terms.

Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by PJX Resources Inc. as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Many factors, known and unknown, could cause actual results to be materially different from those expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made. Except as otherwise required by law, PJX Resources Inc. expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statements to reflect any change in PJX Resources Inc.'s expectations or any change in events, conditions or circumstances on which any such statement is based.

Cautionary Note to US Investors:

This news release may contain information about adjacent properties on which PJX Resources Inc. has no right to explore or mine. We advise U.S. investors that the SEC's mining guidelines strictly prohibit information of this type in documents filed with the SEC. U.S. investors are cautioned that mineral deposits on adjacent properties are not indicative of mineral deposits on our properties. This news release may contain forward- looking statements including but not limited to the various prices and volume of the strategic investment; the use of proceeds from the Strategic Investment, and the structure of the Strategic Investment, etc. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

SOURCE: PJX Resources Inc.

View the original press release on ACCESS Newswire

A.Desjardins--SMC