PJX Resources Inc.(TSXV:PJX) announced a new non-brokered private placement for gross proceeds of up to $1.3 million.
As quoted in the press release:
The proceeds from the issuance of the Flow-Through Units shall be used to fund exploration expenditures on the Company’s Canadian mineral projects and will qualify as Canadian exploration expenses (as defined in the Income Tax Act). The Company intends to use the net proceeds of the offering for expenditures on the Cranbrook, British Columbia Properties and for general working capital.
PJX, President and CEO, John Keating, commented:
This is an exciting time for PJX as we prepare to test for the first time newly discovered targets that could be the source of gold found in local creeks. The new large target areas were only identifiable after compiling historical work with new mapping and modern airborne and other exploration technologies. It has been over 140 years since gold was first discovered in creeks around Cranbrook. Testing of these new targets may validate the gold potential of the local mountains that prospectors have talked about since 1864.