PJX Completes Non-Brokered Private Placement and Provides Exploration Update
(TSX VENTURE: PJX.V)
PJX COMPLETES NON-BROKERED PRIVATE PLACEMENT AND PROVIDES EXPLORATION UPDATE
Toronto, Ontario – December 17, 2018 – – PJX Resources Inc. (“PJX” or “the Company”) is pleased
to announce it has c ompleted a non-brokered private placem ent (the “Offering”). The Offering
was closed with the aggregate issuance of 7,322,131 million Shares for total proceeds of
$1,366,155.
The Company issued:
• 3,319,631 flow-through units (“Flow-Through Units”), at a price of $0.19 per Flow-Through
Unit for gross proceeds of $630,730.
• 2,750,000 Flow-Through Shares also at a price of $0.19 per Flow -Through Share, for gross
proceeds of $522,500; and
• 1,252,500 Units, at a price of $0.17 per Unit, for gross proceeds of $212,925.
Each Flow -through Unit consists of one com mon share to be is sued 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 Flow -through Share consists of one common share to be issu ed a s a "flow -through share"
within the meaning of the Income Tax Act (Canada) (the "Flow-through Shares")
Each Unit consist s of one common share and one common share purchase W arrant (the
“Warrant”).
Each Warrant, whether acquired as part of a Flow -Through Unit or Unit, entitles the holder to
purchase one common share of the Issuer at a price of $0.25 per share until the second
anniversary of the issuance of the Warrants and a price of $0.30 per share thereafter until the
third anniversary of the issuance of the Warrants.
In connection with closing the Offering, the Company may pay, in accordance with the policies and
subject to regulatory approval, aggregate cash finder’s fees of $63,032 and issue certain Finders
332,440 non-transferable Finder’s Warrants. Each of the Finder’s Warrants en titles the Finder to
purchase one common share of the Issuer at a price of $0.25 per share until the second
anniversary of the issuance of the Warrants and a price of $0.30 per share thereafter until the
third anniversary of the issuance of the Warrants.
The Offering, and any modifications to it, are subject to compliance with applicable securities laws
and to receipt of the approval of t he TSX Venture Exchange (“TSXV”). All securities issued under
the Offering are subject to a statutory four-month hold period.
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 explo ration expenditures on the
Cranbrook Properties and will qualify as Canadian exploration expenses (as defined in the “ Income
Tax Act (Canada)”).
Exploration Update
PJX plans to drill and explore for Sullivan type or Broken Hill type zinc-lead-silver mineralization on
the Vine Property and gold targets on the Zinger, Dewdney Trail, Eddy and Gold Shear Properties.
The properties are all road accessible and close to rail, power and an experienced workforce.
Drilling is planned to comme nce on the Vine Prop erty in mid-January, 2019. Magnetotellurics
(MT) g eophysics has identified a large target at depth and smaller targets near surface that
Management believe could represent folded massive sulphide bod ies containing zinc -lead and
possibly copper mineralization (see December 5, 2018 press release).
The large MT anomaly can be traced for 800 metres (m) horizontally along strike. The sub-vertical
anomaly starts at about 600m deep and can be traced down dip to the west to a depth of at least
2 kilometres (km) . Modelling of g ravity data suggests the potential for large dense bodies of
massive sulphide at depths equivalent to the MT anomaly.
“The large MT target is comparable in area to the Sullivan zinc-lead deposit.” states the President
and CEO of PJX, John Keating. “ The newly discovered and untested shallow and deep MT targets
appear to occur down-dip and on strike of anomalous zinc and lead mineralization intersected by
PJX’s drilling to date . So me m assive sulphide deposits are conductive enough to produ ce MT
anomalies, while other s have enough density contrast with surrounding rocks to be able to
produce gravity anomali es. Having both types o f anomalies strengthens the probability for
massive sulphide mineralization in the target area.”
The Vine Property is at an elevation that can be drilled 12 months of the year. Gold exploration on
the Zinger, Gold Shear, Eddy and Dewdney Trail Properties is planned to commence when weather
permits.
Sullivan Background
The Sullivan M ine, located about 35 km no rth of the Vine Property , operated for over 90 years
before being closed in 2001. Zinc and lead concentrates were transported by rail from the Sullivan
mine through the Vine Property to Teck’s Trail Metallurg ical Complex. Some 8 million tonnes of
zinc, 9 million tonnes of lead, and over 285 million ounces of silver were produced from processing
the concentrates, equivalent to over US$40 billion of value in today’s metal prices.
The foregoing geological disclosure has been revie wed by John Keating P.Geo. (a qualified person
for the purpose of National Instrument 43 -101 Standards of Disclosure for Mine ral 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 t he exploration and developm ent of mineral resources with a focus on gold
and base metals. PJX’s propertie s are located in t he historical m ining area of Cranbr ook and
Kimberley, British Columbia. Please refer to our web site http://www.pjx resources.com for
additional information.
FOR FURTHER INFORMATION PLEASE CONTACT:
Linda Brennan, Chief Financial Officer
(416) 799-9205
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.
Forward-Looking Information
This News Release contains forward -looking statements. Forward loo king statements are statements which relate to future events.
Forward-looking statements include, but are not limited to, statem ents with respect to exploration results, the success of exploration
activities, mine development prospects, comp letion of economic assessments, and fut ure gold production. In some cases, you can
identify forward-looking statements by terminology such as "may", “appears to”, "should", "expects", "plans", "anticipates", believes",
"estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statemen ts
are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of
activity, perf ormance or a chievements to be materially different from any future results, levels of activity, performan ce, or
achievements expressed or implied by these forward-looking-statements.
Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from
those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as
anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual
results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.