KELOWNA,
BC, July 17, 2024 /CNW/ - Cantex Mine
Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the
"Company") announces the close of the previously announced
financing.
The Company announces that, further to its news
releases of June 3 and 28, 2023
announcing a private placement (the "Offering") and subsequent
increase, the Company has closed the Offering. The Company has
received proceeds of $1,450,000 from
the issuance of 12,083,331 common non-flow through shares ("the
Shares"), which includes participation from our previously
announced strategic partner Crescat Capital LLC ("Crescat").
Shares were issued at $0.12 per
share. The securities issued in the Offering are subject to a four
month hold period, expiring on November 18,
2024.
The Company was charged $24,500 in finders fees in connection with the
Offering.
0974052 B.C. Ltd.
("BC Ltd"), a company over which Dr. Charles Fipke, the Chairman and a control person
of the Company exercises control and direction over, subscribed for
8,333,333 Shares for a total subscription price of $1,000,000. BC Ltd acquired the Shares for
investment purposes. The Offering and the acceptance of the
subscription by BC Ltd was approved by unanimous resolution of the
board of directors of the Company with Dr. Fipke declaring his
interest in the resolution and abstaining from voting. There was no
formal valuation of the Company done in connection with the
Offering nor has there been such a formal valuation in the past 24
months. The Company relied upon the exemptions contained in Section
5.5(b) and 5.7(b), of Multilateral Instrument 61-101 ("MI 61-101")
to avoid the formal valuation and shareholder approval requirements
of MI 61-101. For the purposes of Section 5.5(b), the Company does
not have any securities listed on any of the stock exchanges set
out in Section 5.5(b) and for the purposes of Section 5.7(b) the
exemption was available as the consideration paid for the Units
subscribed for by BC Ltd was less than $2,500,000.
Proceeds from the Offering will be used, along with the proceeds
of the $3 million dollar financing
completed in January 2024, to fund
the drill program on the Company's North Rackla project in the
Yukon and for general operations
of the Company.
About Cantex
Cantex is focused on its 100% owned 20,000 hectare North Rackla
Project located 150 kilometers northeast of the town of Mayo in the
Yukon Territory, Canada where
high-grade massive sulphide mineralization has been discovered.
Over 60,000 meters of drilling has defined high grade
silver-lead-zinc-germanium mineralization over 2.3 kilometers
of strike length and 700 meters depth. The mineralization
remains open along strike and to depth. The Company is led by Dr.
Charles Fipke, C.M., the founder of Ekati, Canada's first diamond mine.
The technical information and results reported
here have been reviewed by Mr. Chad Ulansky
P.Geol., a Qualified Person under National Instrument
43-101, who is responsible for the technical content of this
release.
Signed,
Chad
Ulansky
Chad Ulansky
President and CEO
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.