Vancouver, British Columbia – June 14, 2021 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce it has applied to partially revoke the cease trade order (the “CTO”) issued against the Company by the British Columbia Securities Commission (the “BCSC”) and the Ontario Securities Commission (the “OSC”) on February 3, 2021. The CTO was issued due to the Company’s failure to file certain financial disclosure documents in compliance with National Instrument 51-102 Continuous Disclosure Obligations. Please see the news releases of the Company dated February 4, 2021 and April 21, 2021 for further details regarding the CTO.
If the BCSC and the OSC partially revoke the CTO, the Company intends to complete a $438,452.52 tranche of its previously announced non-brokered private placement for aggregate gross proceeds of up to $510,112.56 (the “Private Placement”), through the issuance of 7,307,542 common shares in the share capital of the Company (each, a “Common Share” and collectively, the “Common Shares”), at a price of $0.06 per Common Share. In connection with this closing, the Company will pay a cash finder’s fee of $26,307.16 and 146,151 Common Shares to arm’s length finders. All Common Shares issued pursuant to the Private Placement will be subject to a statutory hold period of four months plus one day from the date of issuance, in accordance with applicable securities legislation. The Private Placement has been conditionally approved by the TSX Venture Exchange. Please see the news releases of the Company dated November 20, 2020, January 4, 2021 and January 29, 2021 for further details regarding the Private Placement.
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.
Cautionary Statement Regarding Forward-Looking Information
This press release may contain forward-looking statements including, but not limited to, comments regarding the timing and terms of the Private Placement and statements regarding the BCSC and the OSC granting a partial revocation order to the Company. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statement.
There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not intend, and expressly disclaims any intention or obligation to, update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by law.