Private Placement and Exploration Update
(TSX VENTURE: PJX.V)
PRIVATE PLACEMENT AND EXPLORATION UPDATE
Toronto, Ontario – September 21, 2020 – PJX Resources Inc. (“PJX” or “the Company”) is pleased to
announce a non-brokered private placement (the “Offering”) of up to eight million units, wit h a 25%
overallotment option at the discretion of the Comp any, through the issuance of Flow Through ("Flow
Through Unit") and Non-flow Through Units (“Unit”) at a price of $0. 15 per Flow Through Unit and
$0.125 per Unit.
Each Flow-through Unit will consist of one common share to be issued as a "fl ow-through share" within
the meaning of the Income Tax Act (Canada) (the "Flow -through Shares") and one common share
purchase warrant. Each Unit will consist of one common share and one common share purchase
warrant. Each warrant, whether acquired as part of a Flow -through Unit or U nit, will entitle the holder
to purchase one common share at an exercise price of $0.20 for 24 months following completion of the
Offering.
The completion of the Offering may constitute a related party transaction within the meaning of
Multilateral Instrument 61-101 (“MI 61-101”) as certain insiders of the com pany may participate in the
Offering. 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 will not exceed 25% of the market
capitalization of the company, as determined in accordance w ith MI 61 -101. The Company will also
make the Offering available to subscribers who receive suitab ility advice from a registered investment
dealer in accordance with applicable prospectus exemptions in certain Canadian jurisdictions. The
Company confirms that there is no material fact or material change about the Company that has not
been generally disclosed.
The Offering is expected to close on or before October 1, 2020. The Offering, and any modifications to it,
is subject to compliance with applicable securities laws and to receipt of the approval and acceptance of
the TSX Venture Exch ange. The Company reserves the right to increase the size of the Off ering or to
modify the ty pe, nature and/or price of t he units for any reason. 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 Company may pay finders' fees in accordance with the policies of the
TSX Venture Exchange.
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)”).
EXPLORATION UPDATE
Gold Shear Property – Mapping and prospecting have traced the David Shear that hosts the high-grade
David Gold Z one for over 2 ,000 metres al ong strike to date. 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 with potential to host widths and gold
grades similar to Walbridge’s Tabasco Zone in Quebec. (see Long Section Comparison)
DD Property – The recently completed hole drilled by DLP Resources to test the Sullivan Horizon for the
first time on the DD Prop erty intersected an unusually thick horizon of sericite and/or garnet altered
sediments that support the potential for Sullivan styl e zinc-lead-silver mineralization on the property
(see news release of August 06, 2020 ). Titan magnetotelluric (“MT”) ground geophysic s survey by
Quantec Geoscienc e has commenced over the DD property. The survey is planned to assist with
identifying addi tional Sullivan -type zinc -lead-silver drill targets . DLP Resources (a wholly owned
subsidiary of MG Capital Partners) have an option to earn an interest on the DD Property.
The foregoing geological disclosure and content of this news release has been rev iewed and approve d
by Michael Seabrook, P.Geo., Dave Pighin, P.Geo., and John Keating P.Geo. (qualified persons for the
purpose of National Instrument 43-101 Standards o f Disclosure for Mineral Projects). Mr. Seabrook is
the consulting geologist for PJX on the Gold Shear Property, Mr. Pighin is the consulting geologist for PJX
and DLP on the DD Property. 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
Forward-Looking Information
This News Release contains forward -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 development prospects, comple tion of economic ass essments, and future gold production. In
some cases, you can identify forward -looking statements by terminology 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 b e 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.