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Platinex shareholders greenlight board changes and name update

EditorEmilio Ghigini
Published 01/22/2024, 07:56 AM
© Reuters.

TORONTO - Platinex Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX), a mining company, announced the outcomes of its Annual General Special Meeting held on January 16, where shareholders voted in favor of all proposed resolutions. The meeting saw a representation of 42.53% of the company's issued and outstanding shares.

The company's shareholders approved the appointment of a new board member, Mr. Rajesh Sharma, who is also the President and CEO of Fancamp Exploration Ltd. (Fancamp). Sharma's appointment is a result of a Shareholder Agreement with Fancamp dated March 13, 2023. He is recognized for his global leadership experience in sectors such as metals, mining, and international trade, and has a history of leading large-scale mining projects and international business ventures.

In addition to board changes, shareholders consented to a corporate name change from Platinex Inc. to PTX Metals Inc., anticipated to take effect in February 2024. This change is intended to better reflect the company's diversified focus on gold, copper-nickel-PGE projects. The ticker symbol on the Canadian Securities Exchange (CSE) will remain PTX.

The meeting also resulted in the reapproval of the company's stock option plan. Platinex agreed to grant a total of 6,675,000 stock options to its directors, officers, technical team, and consultants, with an exercise price of $0.05 per share for a three-year term from the date of grant. Concurrently, the company canceled 425,000 previously granted options.

Platinex's portfolio includes a 100% ownership interest in the W2 Copper-Nickel-PGE Project near Ontario's Ring of Fire and a 75% interest in the South Timmins Mining Joint Venture with Fancamp, focusing on gold exploration. It also holds majority ownership in Green Canada Corporation, which possesses uranium assets, and an option to earn a 100% ownership interest in the Muskrat Dam Critical Minerals Project in northwestern Ontario. The company maintains a collection of net smelter return (NSR) royalties on various properties in Ontario.

This report is based on a press release statement and financial information can be further verified through the company's filings on SEDAR.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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