PJX Resources Closes Private Placement
(TSX VENTURE: PJX.V)
PJX RESOURCES CLOSES PRIVATE PLACEMENT
Toronto, Ontario – October 2 , 20 20 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to
announce the closing of its’ previously announced non-brokered private placement (the “Offering”) (see
September 21, 2020 press release ) for total proceeds of $ 1,230,800. The Company is pleased to
announce the Offering was oversubscribed and th e previously announced 25% overallotment option
was undertaken.
Use of Proceeds
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 expendi tures o n the Cranbrook Properties
and will qualify as Canadian exploration expenses (as defined in the “Income Tax Act (Canada)”).
John Keating, President and CEO of PJX commented, “PJX has consolidated 100% of the mineral rights to
the largest land holdings of a potential new gold camp in Canada that we call the Vulcan Gold Belt. The
gold belt occurs within the Sullivan base metal mining district. Historical focus on Sullivan type zinc, lead
and silver mining is in part why the district’s gold potential has been overlooked. The Vulcan Gold Belt
fits modern geological models and criteria for the formation of a world class gold camp. PJX has already
identified a pipeline of priority target areas to explore and drill with potential to make multiple gold
discoveries. (see https://pjxresources.com/gold-discovery-potential.pdf).“
Highlights
• Target type: Orogenic and Magmatic Gold Trend with Fort Knox (>5m m ozs), Telfer (>30 mm
ozs), Sukhoi Log (>30mm ozs) and other deposit type potential.
• Vulcan Gold Belt - only place in North America where two regional crustal penetrating structures
associated with gold deposits and gold mining camps in Canada and the United States intersect.
• Estimated 1.5 million ounces of placer gold produced since 1864 gold rush.
• Significantly underexplored - no bedrock source of placer gold identi fied to date – fewer than
150 holes drilled for gold exploration on entire 60 km trend.
• First time 100% owned mineral rights consolidated, covering 520 km².
• PJX has a pi peline of gold, silver and base metal (copper, lead, zinc) targets – 20 large targets
identified to date.
• Gold Shear Property – high-grade David Gold Zone with historical resource is next to drill.
Gold Shear Property – Mapping and prospecting have traced the David Sh ear that hosts the high-grade
David Gold Z one for over 2 ,000 metres al ong strike to dat e. Gold mineralization occur s with quartz
veins along the shear that continues on to PJX’s adjacent Eddy Property. Quartz vein grab samples from
the shear range from anomalous to up to 256 g/t gold. PJX plans to drill at depth and on strike of the
David Gold Zone to identify orogenic style structural dilations wi th potential to host widths and gold
grades similar to Walbridge’s Tabasco Zone in Quebec. (see Long Section Comparison)
The foregoing geological disclosure and content of this news release has been rev iewed and approve d
by John Keating P.Geo. (qualif ied person for the purpose of National Instrument 43-101 Standards o f
Disclosure for Mineral Pr ojects). Mr. Keating is th e President, Ch ief Executive Officer and a Director of
PJX.
Non-brokered Private Placement
The C ompany will, subject to TSXV Exchange approval, issue a cumulative total of 2,480,000 Flow-
through Units (“Flo w-Through Units” ) issued at a price of $0.15 per Flow-Through Unit for g ross
proceeds of $372,000, and 6,870,400 Units at a price of $0.125 per Unit for gross proceeds of $858,800
(cumulative proceeds of $1,230,800.
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 Un it consist s of one common share and one common share purc hase warrant. Each
common share purchase warrant, whether acquired as part of a Flow -through Unit or Unit, entitles the
holder to purchase one common share at an exercise price of $0.20 for 24 months following completion
of the Offering.
The closing of the Offering constituted a rel ated party transacti on within the meaning of Multilateral
Instrument 61-101 (“MI 61 -101”) as certain insiders of the com pany subscribed for 840,000 Units and
80,000 Flow-Through Units. The Company is relying on the exemptions from the valuation and minority
shareholder approval 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 does not exceed 25 % of the
market capitalization of the company, as determined in accordance with MI 61-101.
Certain eligible persons (the “Finders”), subject to TSXV Exchange approval, will be paid aggregate cash
finder’s commissions of $50,980 and 301,120 non-transferable Finder’s common share purchase
warrants in connection with the Offerin g. Each of th e Finder’s common share purchase warrant s
entitles the Finder to purchase one com mon share of the Co mpany at a p rice of $0.20 per common
share for 24 months following completion of the Offering.
All securities issued as part of the Offering are subject to a statutory four month hold period.
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
Forward-Looking Information
This News Release contains forw ard-looking statements. For ward looking st atements are statements which relate to future
events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success
of exploration activities, mine develop ment prospects, completion of economic ass essments, and future gold production. In
some cases, you can identify forward -looking statements by termin ology such as " may", " should", "expects", "plans",
"anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable
terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that
may cause our actual results, level of activity, performance or achievements to be materially different from any future results,
levels of activity, performance, 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.
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.