PTX Metals Announces Flow Through Financing to Accelerate Activities and for Phase 2 Drilling at W2
Summary
Each Warrant shall be exercisable into one non-flow-through common share of the Company at a price of $0.05 per share at any time on or before the exercise date, which is 24 months after the closing date of the FT Offering.The Company will use the gross proceeds of the FT Offering to incur eligible Canadian exploration expenses that are flow-through critical mineral mining expenditures and will qualify as flow-through mining expenditure as such terms are defined in the Income Tax Act (Canada) related to the W2 Copper Nickel PGE Project, on or before Dec. 31, 2025. All qualifying expenditures will be renounced in favour of the subscribers effective Dec. 31, 2024.The FT Offering is subject to receipt of all necessary regulatory approvals including the Canadian Securities Exchange. The Company paid a finders fee of 7% in cash for the first tranche, for a total of $21,000 in connection with the Offering.W2 is a district scale land package comprised of 1,156 cell units covering 22,762 ha (227 km2) in an area of world-class geological targets located in the Oxford Stull Dome Complex near Ontarios Ring of Fire. W2 controls the mineral-rich and under-explored, layered mafic-ultramafic Lansdowne House Igneous Complex (LHIC), which is highly prospective for copper-nickel (Cu-Ni), platinum group element (PGE), gold and chromite deposits. The common thread of strong Cu-Ni-PGE, Cr and Ti-V mineralization in the mafic-ultramafic intrusions ringing the Oxford Stull Dome is suggestive of a common source, a very large magmatic system, and therefore a potential significant abundance of metals in each intrusion.Historical work, including approximately 20,000 metres of drilling in the W2 area by operators such as INCO and Aurora Platinum, has been delineated at least seven significant mineralized zones within a 7.5 km long folded corridor near the centre of the land package.