PJX Resources Announces Private Placement and Exploration Update
TSX VENTURE: PJX.V
OTCQB: PJXRF
PJX RESOURCES ANNOUNCES PRIVATE PLACEMENT AND EXPLORATION UPDATE
Toronto, Ontario – December 16, 2021 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to
announce a non-brokered private placement (the “Offering”) of 9,391,794 units through the issuance of
3,895,794 Flow Through Units at a price of $0. 17 per Flow Through Unit and 5,496,000 Non-flow
Through Units (“Unit”) at a price of $0.15 per Unit for total proceeds of $1,486,685.
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) (the "Flow-through Shares") and one common share purchase
warrant. Each Unit consists of one common share and one common share purchase wa rrant. E ach
warrant, whether acquired as part of a Flow -through Unit or U nit, entitles the holder to purchas e one
common share at an exercise price of $0.25 for 24 months following completion of the Offering.
No Finders’ fees or commission were paid in relation to the completion of the Offering.
The securities issuable in connection with this Offering will be subject to a hold period in Canada which
will run for four months from the date of the closing of the Offering.
The completion of the Offering constitutes a related party transaction within the meaning of Multilateral
Instrument 61-101 (“MI 61 -101”) as certain insiders of the Company participated in the Offering. The
Company is relying on the exemptions from the valuatio n and minority shar eholder appr oval
requirements of MI 61 -101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61 -101, as the fair market
value of the p articipation in the offering by insiders will not exceed 25% of the market capitalization of
the Company, as determined in accordance with MI 61-101. The Company confirms that there is no
material fact or material change about the Company that has not been generally disclosed.
The Company intends to use the net proceeds of the Offering for expenditures on its properties located
in Cranbrook, British Columbia and for general working capital. The gross proceeds from the issuance of
the Flow -through Shares shall be used to fund explora tion expendi tures o n the Cranbrook Properties
and will qualify as Canadian exploration expenses (as defined in the “Income Tax Act (Canada)”).
The Offering is subject to TSXV Exchange approval.
EXPLORATION UPDATE
PJX Resources Inc . has consolidated 100% of the mineral rights to the largest land holdings in the
Sullivan Mining District. We have also identified over 20 target areas with potential to host gold, silver,
copper, zinc, lead and/ or cobalt deposits. Exploration to date has increased the potential to discove r
multiple deposits in the Mining District. The following Pyramid to Discovery diagram helps explain the
strategy.
In the last six months the Company has announced new orogenic gold and intrusive related gold, copper
and/or cobalt targets called GAR, Lewis Ridge, Tackle Creek and Wuh o Creek. Thes e are in addition to
Sullivan type massiv e sulphide zinc-lead-silver targets on PJX’s Vine Property and DD Property. PJX’s
high-grade David Gold Zone was drilled in October to test along strike and down the possible plunge of
gold mineralization. Gold results from this drilling are expected in the New Year.
PJX plans to continue to develop strat egic partnerships to advance some tar gets t o discovery. DLP
Resources plans to drill next year to test Sullivan type zinc, lead, silver targets toward earning an interest
in PJX’s DD Property. Osisko Royalties acquired a 0.5% royalt y interest this year on four of PJX ’s gold
properties.
“By consolidating the land posit ion in one Mining District we increase the potential to make a
discovery.” states John Keating, President and CEO of PJ X Resources. “Discoveries also have a greater
chance of going into production given the existing roads, rail, power and other infrastru cture. In
addition, the benefits of mining to local First Nations and other communities can be intergenerational in
opportunity through employment, education, health and other benefits.”
PJX’s strategy to focus on one Mining District has allowed the co mpany to understand the geology and
controls on mineral ization better than having properties in various locations around Canada or the
world. The knowledge gained from exploring one target area is often applicable to other areas because
the targets are all part of the same geological environment and large mineralizing system that underlies
the Mining District. (see map of Sullivan Mining District and Vulcan Gold Belt below).
Qualified Person
The geologica l disclosure and c ontent 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 wit h a f ocus on gold. P JX’s pri mary
properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia.
Please refer to our web site http://www.pjxresources.com for additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
(416) 799-9205
Cautionary Note Regarding Forward-Looking Information
Certain statements in this news release, referred to herein as " forward-looking statements ", constitute "forward -looking statement s"
under the provisions of Canadian provincial securities laws. These statements can be identified by the use of wor ds such as "expected",
"may", "will" or similar terms.
Forward-looking statements are necessarily b ased upon a number of factors and assump tions that, while considered reasonable by PJX
Resources Inc. as of the date of such statements, are inherently subj ect 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 forwa rd-looking statements. Readers are cautioned not to place undue reliance on t hese forward-looking statements,
which spea k only as of th e date made. Except as otherwise requir ed b y law, PJX Resources Inc. expressly disclaims any o bligation or
undertaking to release publicly any updates or r evisions to any such statements to reflect any change in PJX Resources Inc .’s
expectations or any change in events, conditions or circumstan ces on which any such statement is based.
Cautionary Note to US Investors:
This news release may contain informati on about adjacent properties on which PJX Resources Inc. has no right to e xplore or m ine. We
advise U.S. investors that the SEC's mining gui delines st rictly prohibit information of this type in d ocuments filed with the S EC. U.S.
investors are cautioned tha t mineral deposits on adjacent properties are not indicative of mineral de posits on our properties. This news
release may contain forward -looking statements including but not limited to comments regarding the timing and content of upco ming
work programs, g eological interpretations, receipt of prop erty titles, potential mineral r ecovery pro cesses, etc. Fo rward-looking
statements address future events and conditions and therefore involve inherent ri sks a nd uncertainties. Ac tual results ma y differ
materially from those currently anticipated in such st atements.
This press release may use the terms "Measured" , "Indicated", and "Inferred" resources. United States investors are advised that while
such te rms a re recognized and re quired by Canadian regulations, the United States Securities and Exchange Commiss ion does not
recognize them. "Inferred M ineral Resource s" have a great amount of uncertainty as to their existence, and as to their economic and
legal feasibility. It cannot b e assumed that all or any part of an Inferred Mineral Resource will ever be upgra ded to a higher category.
Under Canadian rules, estimat es of Inferred Mineral Resources may not form the basis of feasibility or other economic studie s. United
States investors are cautioned not to assume that all or any part of Measured or Indicated Miner al Resources will ever be con verted into
Mineral Reserves. United States investors are also cau tioned not to assume that all or any part of a Mineral Resource is economically or
legally mineable.
Neither the TSX Venture Exchange nor its Regu lation 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.