KELOWNA,
BC, Jan. 16, 2024 /CNW/ - Cantex Mine
Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the
"Company") is pleased to announce the close of the final tranche of
its financing.
The Company announces that, further to its news releases of
December 5, 7, 18, and 29, 2023
announcing a private placement (the "Offering") and the close of
the first three tranches, the Company has closed the final tranche
of the Offering ("the Final Tranche") and has received proceeds of
$200,200 from the issuance of 770,000
units (the "Units"), which includes a participation from our
previously announced strategic partner Crescat Capital LLC
("Crescat"). Units were issued at $0.26 per Unit, with each Unit comprised of a
non-flow through share and one-half of a non-flow through
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.
The Company was charged $14,000 in
finders fees in connection with the Final Tranche, which was
settled with the issuance of 53,846 Units at a deemed price of
$0.26/Unit. The Units issued as
settlement of the fees are comprised of 53,846 non-flow through
shares and 26,923 warrants; the warrants are exercisable for a
period of two years from issuance and have an exercise price of
$0.39. The Company also issued
53,846 finders 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.
Combined with the first, second and third tranches, the over
subscribed Offering has resulted in gross proceeds of $3,000,190 from the issuance of 8,599,966 FT
Units and 1,616,154 Units. FT Units were issued at
$0.30 per FT Unit and are comprised
of one 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. Proceeds from the Final
Tranche will be used to fund general operations of the Company.
Combined with the first, second and third tranches, the Company
was charged a total of $177,100 in
finders fees and issued a total of 647,766 finders warrants, which
have the same terms and conditions as the warrants issued in the
Offering. Of the $177,100 in
fees, $65,100 was settled in cash and
$112,000 was settled with the
issuance of 430,766 Units at a deemed price of $0.26/Unit. The Units issued as settlement of the
fees are comprised of 430,766 non-flow through shares and 215,383
warrants; the warrants are exercisable for a period of two years
from issuance and have an exercise price of $0.39. All warrants issued as part of the
finders fee are non-transferable.
The securities issued in the Final Tranche are subject to a four
month hold period, expiring on May 13,
2024.
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.
