PTX Metals Closes Private Placement, Advances W2 and South Timmins Projects

PTX Metals Inc. (CSE: PTX) (OTCQB: PANXF, Frankfurt: 9PX) has successfully closed a private placement, raising a total of $3,419,834. The funds will be used to advance the Company's W2 Cu-Ni-PGE-Au project and South Timmins Gold Project, as well as for general working capital. The Company has also provided a corporate update, highlighting recent developments and plans for the upcoming year.

The private placement consisted of two components: a non-flow-through component and a flow-through component. The non-flow-through component raised $1,000,000 through the issuance of 8,000,000 units at $0.125 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. The flow-through component raised $2,419,834 through the issuance of 17,356,024 flow-through common shares at $0.14 per share.

The gross proceeds from the flow-through component will be used to incur eligible "Canadian exploration expenses" that will qualify as "flow-through critical mineral mining expenditures" as defined in the Income Tax Act (Canada). These expenditures will be renounced in favour of the subscribers effective December 31, 2024. The net proceeds from the non-flow-through component will be used to finance exploration and development activities and for working capital and general corporate purposes.

PTX Metals has also announced several recent developments and plans for the upcoming year:

1. W2 Cu-Ni-PGE-Au Project:
* The Company has commenced a diamond drilling program at the Heenan Gold Project, following up on a gold discovery made earlier in 2024.
* Metallurgy test work on representative samples of magmatic Cu-Ni-PGE mineralization is underway, which will inform the 2025 exploration program.
* The W2 Project Technical Committee, led by Ryan Weston, M.Sc., P. Geo., MBA, is leveraging the substantial historic database to guide future exploration and build a robust geological model.
* A 3D grade shell model based on historic and recent drill results indicates a near-surface exploration target of between 59-135 million tonnes averaging between 0.78% to 1.03% Copper Equivalent ("CuEq"), containing some 610,000 tonnes to 1,052,000 tonnes CuEq.
2. South Timmins Gold Project:
* The Company plans to advance the exploration programs and development activities at the South Timmins Gold Project using the remaining funds from the non-flow-through component.
* Detailed exploration programs for both the W2 Cu-Ni-PGE-Au project and South Timmins Gold Project will be announced during the month of January 2025.
3. Corporate Update:
* The Company has arranged an additional private placement of $150,000 with an arm's length investor, expected to close on December 31, 2024.
* The Company has amended the outstanding convertible loan of $250,000 with an arm's length lender.



In conclusion, PTX Metals has successfully raised funds through a private placement, which will be used to advance its W2 Cu-Ni-PGE-Au project and South Timmins Gold Project. The Company has also provided a corporate update, highlighting recent developments and plans for the upcoming year. With a strong technical team and a robust geological model, PTX Metals is well-positioned to unlock the significant mineral resources at its projects and create shareholder value.