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Toronto, Ontario, December 31, 2020 - Platinex Inc. (CSE: PTX) (the "Company" or "Platinex") is pleased to
announce that it has completed its previously announced non-brokered private placement (the "Private
Placement"), issuing a total of 11,430,338 flow-through units ("FT Units") for gross proceeds of $857,275 Each FT
Unit consists of one flow-through common share ("FT Share") of the Company and one half of one common share
purchase warrant. Each full warrant ("Warrant") is exercisable into a non-flow through common share at an
exercise price of $0.10 for a period of 24 months following the closing of the Private Placement.

The Company will use the proceeds of the Private Placement to incur Canadian Exploration Expenses in Ontario
on its Shining Tree property.

In connection with the Private Placement, the Company paid Leede Jones Gable Inc, Foundation Markets Inc.,
Mackie Research Capital Corporation and EDE Asset Management Inc. ("Finders") an aggregate of (i) cash fees of
$30,660, equal to 6% of the subscription proceeds realized from subscribers introduced to the Private Placement
by such Finders; and (ii) 408,800 finder's warrants ("Finder's Warrants"), representing 6% of the number of FT
Units purchased by subscribers referred by the Finders. Each Finder's Warrant entitles the holder to purchase one
common share of the Company at a price of $0.075 for a period of 18 months from the date of issuance.

An officer of the Company purchased or acquired direction and control over a total of 100,000 Units under the
private placement. The placement to this person constitutes a “related party transaction” within the meaning of
Multilateral Instrument 61-101 -Protection of Minority Security Holders in Special Transactions (“MI 61-101”) The
Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of
MI 61-101 contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 in respect of related party participation in the
placement as neither the fair market value (as determined under MI 61-101) of the subject matter of, nor the fair
market value of the consideration for, the transaction, insofar as it involved the related party, exceeded 25% of
the Company's market capitalization (as determined under MI 61-101). Further details will be included in a
material change report to be filed by the Company, which will be filed within 10 days.

All securities issued in connection with this Private Placement will be subject to a four month plus one day hold
period from the date of issuance in accordance with applicable securities laws.

About Platinex Inc. – Advancing a District Scale Project in an Abitibi Gold Camp

Platinex is concentrating its efforts on the exploration of its property in the Shining Tree District. Platinex has
created the largest gold focused property package in the Shining Tree District, Northern Ontario, which has
received little modern exploration compared to other gold camps in the Abitibi Greenstone Belt. The Company is
also utilizing its proprietary data to seek financial backing to secure and advance major Platinum Group Element
properties in North America. Shares of Platinex are listed for trading on the Canadian Securities Exchange under
the symbol "PTX".

Lori Paradis, Assistant Secretary
Tel: (416) 268-2682
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This newsrelease may contain forward-looking statements and information based on current expectations. These
statements should not be read as guarantees of future performance or results. Such statements involve known
and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements
to be materially different from those implied by such statements. Such statementsinclude use proprietary data to
seek financial backing to advance its platinum group properties, submission of the relevant documentation within
the required timeframe and to the satisfaction of the relevant regulators, completing the acquisition of applicable
assets and raising sufficient financing to complete the Company's business strategy. There is no certainty that any
of these events will occur. Although such statements are based on management'sreasonable assumptions, there
can be no assurance that such assumptions will prove to be correct. We assume no responsibility to update or
revise them to reflect new events or circumstances, except as required by applicable securitieslaws.
Investing into early stage companies, inherently carries a high degree of risk and investment into securities of the
Company shall be considered highly speculative.
This pressrelease shall not constitute an offer to sell orthe solicitation of an offerto buy norshallthere be any sale
of the securities in any province in which such offer, solicitation or sale would be unlawful. The securities issued,
or to be issued, under the Private Placement have not been, and will not be, registered under the United States
Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an
applicable exemption from registration requirements.

The Canadian Securities Exchange has not passed upon the merits ofthe Private Placement and has not approved
nor disapproved the contents of this pressrelease.