KELOWNA, BC, Aug. 21, 2020 /CNW/ - Further to its news
releases of July 27, and August 14, 2020, Cantex Mine Development
Corp. (TSXV: CD) (the "Company") is pleased to announce
the closing of the final tranche of its non-brokered private
placement (the "Placement") of flow through and charity flow
through shares. In this closing, the Company issued 1,578,948
charity flow through shares (the "Shares") for gross
proceeds of $3,000,001. These
Shares were sold at a price of $1.90
per Share
The Shares issued in this closing are subject to a hold period
expiring December 22, 2020. Finders'
fees of $161,000 were paid in
connection with this tranche of the Placement.
Proceeds from the Placement will be applied to the exploration
program on the Company's Rackla project in the Yukon.
Drilling Underway at Massive Sulphide Project
Cantex is pleased to announce that drilling has commenced at its
Massive Sulphide project in the Yukon. Drilling is focused on
testing the Main Zone along strike and to depth, where the
Company's previous drilling intersected exceptionally high-grade
silver, lead and zinc mineralization. Much of the drilling is
being guided by the structural mapping recently completed by
Chris Buchanan, M.Sc. P.Geo.
The technical information and results reported here have been
reviewed by Mr. Chad Ulansky P.Geo.,
a Qualified Person under National Instrument 43-101, who is
responsible for the technical content of this release.
Signed,
Charles Fipke
Charles Fipke
Chairman
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Cantex Mine Development Corp.