Vancouver, British Columbia – March 17, 2020 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce a non-brokered private placement offering of up to 14,166,667 common shares of the Company at a price of CDN$0.06 per share to raise gross proceeds of up to CDN$850,000 (the “Private Placement”).
Under the Private Placement, the Company intends to pay finders’ fees to eligible finders with a value equivalent to 8% of the aggregate gross proceeds raised from the sale of the shares subscribed for by subscribers introduced to the Company by the finders.
The Private Placement is subject to all necessary regulatory approvals including acceptance from the TSX Venture Exchange. All securities issued in connection with the Private Placement will be subject to a four-month hold period from the closing date under applicable Canadian securities laws, 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.
Closing of Previous Private Placement
The Company also announces that, further to its news release dated February 26, 2020, it has closed its previously announced private placement of 6,917,901 shares for aggregate gross proceeds of CDN$415,074.06 and does not intend to complete an additional tranche under such offering. For further information regarding the Company’s previous offering, please refer to the Company’s news release dated February 26, 2020.
Management Cease Trade Order
The Company also announces that, further to its news release dated January 30, 2020, the management cease trade order (the “MCTO”) imposed by the British Columbia Securities Commission on January 29, 2020 remains effective. The Company confirms that there have been no material changes to the information contained in the initial announcement of the MCTO.
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
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.
Cautionary Statement Regarding Forward-Looking Information
Certain statements contained in this news release constitute “forward-looking information” as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, including that the Company will receive all required regulatory approvals in relation to the Private Placement.
Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, production, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in the Company receiving no proceeds pursuant to the Private Placement and delays in regulatory approval in relation to the Private Placement, as well as the other risks and uncertainties applicable to financing, mineral exploration and development activities and to the Company as set forth in the Company’s continuous disclosure filings filed under the Company’s profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.