Platinex Inc announced that it has completed the final tranche of its flow-through (FT) financing, with an additional C$452,000 to achieve a total financing of C$1,972,000.
The resource projects developer said gross proceeds from the FT offering will fund eligible Canadian exploration expenses associated with the W2 Copper Nickel platinum-group elements (PGE) project in northern Ontario that qualify as “flow-through critical mineral mining expenditures,” as defined in the Income Tax Act (Canada), on or before December 31, 2024.
"The W2 Copper Nickel PGE Project is permitted for exploration and our plan is to initiate a drill program to expand on the extensive Copper Nickel and PGE mineralization over six kilometers of strike length in the central area and investigate new greenfield targets in the north, west and east of the property which have been identified in the airborne work done to date and compiled in the modelling study recently completed by BAW Mining Inc," Platinex CEO Greg Ferron said in a statement.
"As well, we will continue to be active with exploration work at our Shining Tree JV Gold Camp in the Abitibi, including drilling at Heenan," he added.
Platinex noted the final tranche of the financing consisted of the issuance of 11.3 million FT company common shares at a price of C$0.04 per share.
Platinex creates shareholder value through the opportunistic acquisition and advancement of high-quality projects in prolific Ontario mining camps.
Its current assets include a 100% ownership interest in the W2 Copper-Nickel-PGE Project near the 'Ring of Fire' in northern Ontario and a 75% interest in the South Timmins Mining joint venture with Fancamp Exploration.