Platinex will conduct

 Platinex will conduct

 a non-brokered private placement raising up to $1,500,000 of units ("Units") at a price of $0.04 per Unit (the "Non FT Offering") of which Fancamp will subscribe Units, representing approximately 9.5% of the issued and outstanding shares of Platinex. Platinex will also conduct a non-brokered private placement of flow-through units for an additional $1,000,000 (the "FT Offering") at a price of $0.045 per FT Unit (the "FT Units").

Each Unit shall be comprised of one common share of the Company and one half of one common share purchase warrant, with each whole warrant exercisable into one common share of the Company at a price of $0.055 at any time on or before the date which is 60 months from the closing of the Non-FT Offering.

Each FT Unit will be comprised of one common share of the Company to be issued as a "flow- through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one half of one common share purchase warrant (each whole such warrant, a "Warrant"). Each Warrant shall be exercisable into one non-flow-through common share of the Company at a price of $0.055 per share at any time on or before the date which is 60 months after the closing date of the FT Offering. The Warrants will be subject to an acceleration clause requiring the exercise of the Warrants if the Platinex share price closes on the Canadian Securities Exchange at $0.15 or greater for 20 consecutive trading days.