PPX Announces Closing of Private Placement of Units
VANCOUVER, September 12, 2019 - PPX Mining Corp. (the "Company" or “PPX”) is pleased to announce that it has closed its non-brokered private placement (the “Private Placement”), which was initially announced on September 3, 2019, whereby the Company has completed the issuance of an aggregate of 1,371,999 units (each, a “Unit”) at a price of $0.075 per Unit for aggregate gross proceeds of $102,899.93.
Each Unit consists of one common share of the Company (a “Common Share”) and one half of a common share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder, on exercise thereof, to purchase one additional Common Share at a price of $0.10 until 24 months after the date of issuance.
Under the Private Placement, the Company also paid finders’ fees to an eligible finder. The Company paid cash commissions to Alfred Hamann equal to 8% of the funds raised from subscribers introduced to the Company by Alfred Hamann, totaling $8,231.99.
All securities issued in connection with the Private Placement are subject to a four month and a day transfer restriction from the date of issuance expiring on January 13, 2020, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside Canada.
The Company intends to use the proceeds from the Private Placement for general working capital purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws, unless an exemption from such registration is available.
On behalf of the Board of Directors
Brian J. Maher
President and Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
PPX Mining Corp.
Brian J. Maher, President and Chief Executive Officer
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.
SOURCE: PPX Mining Corp.
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