VANCOUVER, BC / ACCESSWIRE / June 18, 2021 / PPX Mining Corp. (the "Company" or "PPX") is pleased to announce that it 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 (the "Finder's Fees") to arm's length finders. The Private Placement is proposed to be completed pursuant to the partial revocation order (the "Partial Revocation Order") by the British Columbia Securities Commission ("BCSC") and the Ontario Securities Commission ("OSC") on June 17, 2021.
The Partial Revocation Order partially revoked a cease trade order (the "Cease Trade Order") that was issued against the Company by the BCSC and the OSC on February 3, 2021 as a result of the Company's failure to file certain financial disclosure documents in compliance with National Instrument 51-102 Continuous Disclosure Obligations.
The proceeds of the Private Placement will be applied towards, among other things, the following: (i) accounting, audit and legal fees associated with the preparation and filing of the relevant continuous disclosure documents and the Partial Revocation Order; (ii) filing fees and penalties associated with the Partial Revocation Order and the Cease Trade Order; (iii) office expenses; (iv) transfer agent fees; and (v) the Finder's Fees. Completion of the Private Placement will allow the Company to prepare and file all outstanding continuous disclosure documents with the applicable regulatory authorities. Once those filings have been completed, the Company expects to apply for a full revocation of the Cease Trade Order.
Each potential investor in the Private Placement will receive a copy of the Cease Trade Order and the Partial Revocation Order and will be required to provide an acknowledgement to the Company that all of the Company's securities, including the Common Shares issued in connection with the Private Placement, will remain subject to the Cease Trade Order until it is fully revoked, and that the granting of the Partial Revocation Order does not guarantee the issuance of a full revocation order of the Cease Trade Order in the future. In accordance with applicable securities legislation, all Common Shares issued pursuant to the Private Placement will be subject to a hold period of four months and one day from the closing date of the Private Placement. Further, Common Shares issued pursuant to the Private Placement may not be transferred until full revocation of the Cease Trade Order, of which there is no guarantee.
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
Phone: 1-530-913-4728
Email: brian.maher@ppxmining.com
Website: www.ppxmining.com
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 full revocation of the Cease Trade 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.
SOURCE: PPX Mining Corp.
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https://www.accesswire.com/652298/PPX-Obtains-Partial-Revocation-Order
