Sphinx Resources Ltd. (TSXV:SFX) announced a non-brokered private placement of up to 25,000,000 units at a price of CAD 0.02 per unit for gross proceeds of CAD 500,000 on August 27, 2020. The transaction will be led by Palisades Goldcorp Ltd., and will include participation from existing shareholders of the company. Each unit consists of one common share and one common share purchase warrant of the company. Each warrant entitles the holder to acquire an additional common share of the company at an exercise price of CAD 0.05 per share for a period of 60 months from the date of issuance. All securities to be issued will be subject to a hold period of four months plus one day from the date of closing. The transaction is subject to the approval of TSX Venture Exchange.