KELOWNA,
BC, Dec. 18, 2023 /CNW/ - Cantex Mine
Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the "Company") is
pleased to announce the close of the second tranche of its
financing.
The Company announces that, further to its news releases of
December 5 and 7, 2023 announcing a
private placement (the "Offering") and the close of the first
tranche, the Company closed the second tranche of the Offering
("the Second Tranche") and has received proceeds of $1,130,000 by the issuance of 3,100,000 flow
through units (the "FT Units") and 769,231 non flow-through units
(the "Units"). FT Units were issued at $0.30 per FT Unit and Units were issued at
$0.26 per Unit; each FT Unit is
comprised of a flow through share and one-half of a non-flow
through warrant and each Unit is comprised of one non-flow through
share and one-half of a warrant. Each whole warrant entitles the
holder to acquire one common share of the Company at a price of
$0.39 for a term of two years from
closing.
Included in the Second Tranche is an investment by Rob McEwen, though an entity controlled by him.
With this placement, he brings his shareholding in Cantex to over
4.6 million shares.
Proceeds from the Second Tranche will be used to fund the
Company's North Rackla Project in the Yukon and for general working capital.
The Company was charged $65,100 in
finders fees in connection with the Second Tranche, which was paid
in cash; the Company also issued 217,000 finder's warrants, which
have the same terms and conditions as the warrants issued in the
Offering. All warrants issued as part of the finders fee are
non-transferable.
The securities issued in the Second Tranche are subject to a
four month hold period, expiring on April
16, 2024.
The Company is looking forward to closing the final tranche of
the Offering in the near future.
About Cantex Mine Development
Corp.
Cantex is focused on its 100-per-cent-owned, 20,000-hectare
North Rackla project located 150 kilometres northeast of the town
of Mayo in Yukon, Canada, where
significant massive sulphide mineralization has been discovered.
Over 60,000 metres of drilling has defined high-grade
silver-lead-zinc-germanium mineralization over 2.3 kilometres of
strike length and more than 700 metres depth. The mineralization
remains open along strike and to depth. The company is led by Dr.
Fipke CM, the founder of Ekati, Canada's first diamond mine.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
FORWARD LOOKING STATEMENTS: Certain of the statements and
information in this press release constitute "forward-looking
statements" or "forward-looking information", including statements
regarding the expected use of proceeds of the private placement.
Further, any statements or information that express or involve
discussions with respect to predictions, expectations, beliefs,
plans, projections, objectives, assumptions or future events or
performance (often, but not always, using words or phrases such as
"expects", "anticipates", "believes", "plans", "estimates",
"intends", "targets", "goals", "forecasts", "objectives",
"potential" or variations thereof or stating that certain actions,
events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved, or the negative of any of these terms
and similar expressions) are not statements of historical fact and
may be forward-looking statements or information. The
Company's forward-looking statements and information are based on
the assumptions, beliefs, expectations and opinions of management
as of the date of this press release, and other than as required by
applicable securities laws, the Company does not assume any
obligation to update forward-looking statements and information if
circumstances or management's assumptions, beliefs, expectations or
opinions should change, or changes in any other events affecting
such statements or information. For the reasons set forth above,
investors should not place undue reliance on forward-looking
statements and information.
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.