Shareholder Updates Ownership in Platinex Inc.

Toronto, Ontario--(Newsfile Corp. - July 27, 2020) -  James R. Trusler, c/o Platinex Inc., Suite 807, 20 William Roe Blvd., Newmarket, ON L3Y 5V6 (the "Offeror") announces that, as a result of recent issuances by Platinex Inc. (the "Corporation") of its common shares and warrants in connection with the completion of a private placement transaction, and am acquisition of mining claims and net smelter royalties as fully described in the Corporation's press release of July 15, 2020 (the "EWR Event"), Mr. Trusler holds less than 10% of the issued and outstanding shares of the Corporation on a partially-diluted basis.

Immediately after the EWR Event, the Acquiror directly and indirectly held, including control or direction over, an aggregate of 8,617,426 common shares, 1,711,666 warrants and 1,200,000 options of the Corporation, representing approximately 6.78% of the issued and outstanding common shares of the Issuer on an undiluted basis, and approximately 8.87% on a fully diluted basis when assuming the exercise of warrants and options held by the Acquiror.

Accordingly, following the fling of the Early Warning Report (as defined below), the Acquiror will no longer file early warning or insider reports in respect of the Acquiror's ownership of the Issuer's securities, except as may be required by applicable law.

This news release is issued pursuant to National Instrument 62-103 - The Early Warning System. A copy of the Early Warning Report will appear with the Company's documents on the SEDAR website at www.sedar.com.

FOR FURTHER INFORMATION:

James R. Trusler
Telephone: 905-470-6400
[email protected]

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To view the source version of this press release, please visit https://www.newsfilecorp.com/release/60614