Cantex Closes First Tranche of Private Placement

Cantex Mine Development Corp.

Cantex Mine Development Corp. 203 – 1634 Harvey Ave. Kelowna, BC V1Y 6G2 250.860.8582 www.cantex.ca [email protected] CANTEX CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT

Kelowna, Canada – November 23, 2016 – Cantex Mine Development Corp. (CD: TSXV) (the “Company”). Further to its news release of October 18, 2016, the Company is pleased to announce the closing of the first tranche of its private placement. The Company issued 7,174,143 flow through shares at $0.07 per share (the “FT Shares”) for gross proceeds of $502,190. The FT Shares are restricted from transfer until March 23, 2017.

The Company also issued 1,528,500 non flow through units (the “Units”) at $0.07 per unit for gross proceeds of $106,995, each Unit comprised of one common share and one-half of a warrant, with each whole warrant exercisable at $0.10 for a term of 2 years. All securities issued in connection with the sale of the Units are restricted from transfer until March 23, 2017.

Proceeds from the sale of the FT Shares and the Units will be used to further finance the Company’s drill program on the North Rackla Project in the Yukon and for general working capital.

Signed,

Charles Fipke

Charles Fipke Chairman

For further information: Cantex Mine Development Corp, Tel: +250-860-8582, Email: [email protected]

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.

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