VANCOUVER - PJX Resources Inc., a Canadian mineral exploration company, has announced its intention to extend the expiry date of several share purchase warrants. These warrants were initially set to expire on December 5, 2022, but are now proposed to be extended by one year to December 5, 2023. The extension is subject to approval from the TSX Venture Exchange.
The warrants in question were issued on December 27, 2019, during a private placement and are exercisable at $0.25 per share. A notable detail of this extension is that a considerable number of these warrants, amounting to 3,383,333, are held by parties related to PJX Resources. Because of this, the transaction qualifies as a "related party transaction" under the Multilateral Instrument 61-101 and the TSXV Policy 5.9.
However, the company has stated that exemptions from formal valuation and minority shareholder approval requirements are applicable in this case. This is due to the fair market value of the warrants not exceeding 25% of PJX Resources' market capitalization.
The company has also issued a cautionary statement regarding forward-looking information that may be subject to various risks and uncertainties affecting their business and economic conditions. Linda Brennan, Chief Financial Officer of PJX Resources, provided this update in a statement published on accesswire.com.
PJX Resources operates primarily in the Sullivan Mine District and Vulcan Gold Belt near Cranbrook and Kimberley in British Columbia. The company focuses on exploring gold, silver, and base metals in these regions. For more details on their operations and the warrant extension, PJX Resources directs interested parties to their website.
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