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PJX Resources Closes Private Placement


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2014-02-11 22:22:29 -

Toronto, Ontario CANADA, February 11, 2014 /FSC/ - PJX Resources Inc. (PJX - TSX Venture), is pleased to announce it has completed the non-brokered private placement (the "Offering") previously announced by the Company on November 20, 2013. The Offering was closed in two tranches with the aggregate issuance of 4,749,000 million units for total proceeds of $612,250. Approval of the Offering by the TSX Venture Exchange (the TSXV") was received on February 11, 2014.

Pursuant to the Offering, the first tranche was completed on November 27, 2013 which resulted in the issue of 485,000 flow through units (each a "Flow Through Unit") at a price of $0.15 per flow through unit, and 3,334,000 non-flow-through units (each a "Unit") at a

price of $0.125 per Unit for gross proceeds of $489,500. Each Unit and Flow Through Unit consists of one Common Share of PJX and one non-transferable common share purchase warrant (a "Warrant"). Each Warrant in connection with the first tranche of the Offering will entitle the holder thereof to purchase one Common Share at an exercise price of $0.20 until November 28, 2015. All securities issued under the first tranche of the Offering are subject to a statutory four-month hold period expiring on March 27, 2014.

The final tranche of the Offering was completed on February 7, 2014 through the issuance of 260,000 Flow Through Units at a price of $0.15 per Flow Through Unit, and 670,000 Units at a price of $0.125 per Unit for gross proceeds of $122,750. Each Warrant issued in connection with the final tranche of the Offering will entitle the holder thereof to purchase one Common Share at an exercise price of $0.20 until February 8, 2016. All securities issued under the Offering are subject to a statutory four-month hold period expiring on June 7, 2014.

The proceeds from the issuance of the Flow-Through Units will be used to fund exploration expenditures on the PJX's Canadian mineral projects and will qualify as Canadian exploration expenses (as defined in the Income Tax Act Canada). PJX intends to use the net proceeds of the Offering for expenditures on the Cranbrook, British Columbia properties and for general working capital purposes.

In connection with the Offering, and in accordance with the policies of the TSXV, an aggregate of $29,600 finders' fees were paid to Canaccord Genuity Corp. and PI Financial Corp.

About PJX Resources Inc.

PJX is a mineral exploration company focused on building shareholder value and community opportunity through the exploration and development of mineral resources. PJX's primary properties are located in the historical mining area of Cranbrook and Kimberley, British Columbia.

Please refer to our web site www.pjxresources.com for additional information.

FOR FURTHER INFORMATION PLEASE CONTACT:

Linda Brennan, Chief Financial Officer
(416) 799-9205
info@pjxresources.com

Forward-Looking Information

This News Release contains forward-looking statements. Forward looking statements are statements which relate to future events. Forward-looking statements include, but are not limited to, statements with respect to exploration results, the success of exploration activities, use of net proceeds, mine development prospects, completion of economic assessments, and future gold production. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", believes", "estimates", "predicts", "potential", or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from any future results, levels of activity, performance, or achievements expressed or implied by these forward-looking-statements.

Although PJX has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements.

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.

To view the press release as a PDF, please click on the following link:
www.usetdas.com/pr/pjxresources02112014.pdf


Source: PJX Resources Inc. (TSX-V: PJX)
Maximum News Dissemination by FSCwire. www.fscwire.com


Author:
Fred Gautreau
e-mail
Web: www.fscwire.com
Phone: 14037173898

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