Platinex closes $428K first tranche of private placement

News Release

Platinex Inc. – Completion of Interim Closing of Private Placement

TORONTO, Nov. 16, 2017 — Platinex Inc. (CSE:PTX) (the “Company”) is pleased to announce that it has completed an interim closing of its previously announced non-brokered private placement (the “Private Placement”), issuing a total of 8,550,000 units (“Units”) for aggregate gross proceeds of $427,500 (the “Interim Closing”). Each Unit consists of one common share (“Common Share”) of the Company and one warrant (“Warrant”) of the Company, bearing the terms described in the initial press release announcing the Private Placement (“Initial Press Release”).

The Company intends to use the net proceeds of the Interim Closing in accordance with use of proceeds described in the Initial Press Release.

All securities issued in connection with this Private Placement will be subject to a four month plus one day hold period from the date of issuance in accordance with applicable securities laws. The closing of the Private Placement, including the Interim Closing, is subject to receipt of applicable securities regulatory authorities.

Details of Initial Closing

In connection with the Initial Closing, the Company paid $5,200 of finder’s fees and issued 104,000 Broker Units. Insiders of the Company subscribed for 5,125,000 Units in connection with the Interim Closing and such subscriptions are considered related party transaction within the meaning of Multilateral Instrument 61-101 (“MI 61-101”). The Company is relying on an exemption from the valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of any Insider Participation; at the time the transaction was agreed to, neither the fair market value of the subject matter of, nor the fair market value consideration for the transaction, as it related to insiders, exceeded 25% of the Company’s market capitalization.

Lori Paradis, Corporate Secretary
Tel: (416) 268-2682
Email: lparadis@platinex.com
Web: www.platinex.com

About Platinex Inc.

Platinex is currently focusing efforts on developing various strategies to capitalize on the lucrative growth of the cannabis sector in North America. At the same time Platinex has been focusing its mining business efforts in assembling a very large property in the Shining Tree gold camp, which has received little modern exploration compared to other gold camps in the Abitibi greenstone Belt. Shares of Platinex are listed for trading on the Canadian Securities Exchange under the symbol “PTX”.

To receive Company press releases, please email lparadis@platinex.com and mention “Platinex press release” on the subject line.