PPX Mining Announces Private Placement For Up To C$1.35 Million

PPX Mining Corp., a Canadian-based mining company operating in Peru, has announced its intention to conduct a non-brokered private placement aiming for aggregate gross proceeds of up to C$1,350,000. The offering, which targets the sale of up to 30,000,000 units at a price of $0.045 each, is scheduled to close on or before April 30, 2024. Each unit comprises one common share and a purchase warrant, which allows the holder to acquire an additional share at $0.07 within 24 months of the closing date.

The proceeds from this private placement will be used to finance further exploration activities at the Igor project, particularly around the area of hole CA-24-07 in Callanquitas East, where promising results were recently reported. These funds are also intended to cover working capital needs. The completion of this offering is contingent upon the receipt of necessary regulatory approvals, including that of the TSX Venture Exchange.

This financing initiative reflects PPX Mining Corp.’s strategic plan to expand its exploration efforts and capitalize on favorable findings within its Igor project. The offering’s securities will adhere to a four-month hold period under Canadian laws, with potential adjustments to the offering’s size subject to TSX Venture Exchange approval.