Callinex Closes Flow-Through Financing to Raise Gross Proceeds of $1,414,645
NEWS RELEASE
CALLINEX MINES INC.
For release: January 3, 2012 TRADING SYMBOL: “CNX: TSX.V”
CALLINEX CLOSES FLOW-THROUGH FINANCING TO RAISE GROSS PROCEEDS OF $1,414,645
Vancouver, British Columbia – Callinex Mines Inc. (the “Company”) is pleased to announce that it has closed its recently announced non-brokered private placement (the “Private Placement”) selling 1,489,100 flow-through units (each a “FT Unit”) at a price of $0.95 per FT Unit to raise gross proceeds of $1,414,645. Each FT Unit is comprised of one flow-through common share of the Company and one half of one non-transferable share purchase warrant (each whole warrant a “Warrant”). Each Warrant is exercisable to purchase one non flow-through common share of the Company at a price of $1.00 until December 30, 2013.
Finders assisted with certain subscriptions to the Private Placement and, in consideration, the Company paid the finders in total cash fees of $11,574.33 and finders’ warrants exercisable for 8,128 common shares of the Company with the same terms as the placees’ Warrants.
All securities issued and issuable pursuant to the Private Placement are subject to a hold period in Canada and may not be traded therein, unless otherwise permitted under securities legislation, until May 1, 2012.
Proceeds of the Private Placement will be used to incur exploration expenditures on the Company’s projects in Manitoba.
On behalf of Callinex Mines Inc.
Mike Muzylowski President & CEO
Neither the 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.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to proposed activities, work programs and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the effects of general economic conditions, the price of commodities, changing foreign exchange rates, actions by government authorities, title matters, environmental matters, reliance on key personnel, the ability for operational and other reasons to complete proposed activities and work programs, the need for additional financing and the timing and amount of expenditures. The Company does not assume the obligation to update any forward-looking statement.