Canex Announces Equity Financing to Advance Copper-GOLD Exploration at Louise
CANEX METALS INC.
SUITE 1620, 734 - 7TH AVENUE S.W., CALGARY, ALBERTA, T2P 3P8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 24-7 OCTOBER 17, 2024
Trading Symbol: TSX Venture-CANX
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.
CANEX ANNOUNCES EQUITY FINANCING TO ADVANCE
COPPER-GOLD EXPLORATION AT LOUISE
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce a
measured financing intended primarily to fund exploration work at the Louise copper -gold
porphyry system in British Columbia. The Louise porphyry hosts a copper-gold deposit that has
been drill defined over an area 1000 meters long by 400 meters wide and to approximately 300
meters depth. Strong grades occur in the system highlighted by hold LL04 -03 which returned
158 metres grading 0.41% copper and 0.40 g/t gold. CANEX is planning to conduct a modern
deep looking induced polarization survey to explore the district across 6 to 7 kilometres of strike
length and to depths up to 1000 met res to fully assess th e district potential surrounding the
known historic resource. See the Company’s news release dated September 24, 2024 for a
complete summary of the Louise Cu-Au porphyry target.
The Company will undertake a non-brokered private placement to raise gross proceeds of up to
$300,000. The financing will consist of up to 777,778 common shares (“Common Shares”) and
up to 4,416,667 flow-through common shares ("FT Shares"). Common Shares will be offered
at $0.045 and FT Shares will be offered at $0.06.
Proceeds from the FT Shares will be used before December 2025 for general exploration
expenditures at the Louise Property which will constitute Canadian exploration expenses within
the meaning of subsection 66.1(6) of the Income Tax Act (Canada) (the “Tax Act”), that will
qualify as “critical mineral flow through mining expenditures” within the meaning of the Tax Act.
Proceeds from non-flow through Common Shares will be used to advance the Company’s Gold
Range Project and for general working capital.
The shares will be offered on a non -brokered basis by way of private placement to accredited
investors and any securities issued will be subject to a hold period of four months plus one day
from the date of closing. This financing is subject to TSX Venture Exchange and regulatory
approval. The Company has relied on exemp tions from the formal valuation and minority
shareholder approval requirements of MI 61 -101 contained in Sections 5.5(a) and 5.7(1)(a) of
MI 61 -101 as the fair market value of the subject matter of the Private Placement does not
exceed 25% of the market capitalization of the Company as calculated in accordance with MI
61-101. No commissions will be paid to Agents on the financing.
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing it’s 100%
owned Gold Range Project in Northern Arizona. With several near surface bulk tonnage gold discoveries
made to date across a 4 km gold mineralized trend, the Gold Range Project is a compelling early-stage
opportunity for investors. CANEX is also advancing the Louise Copper-Gold Porphyry deposit in British
Columbia. Louise contains a large historic copper-gold resource that has seen very little deep or lateral
exploration, offering investors copper and gold discovery potential. CANEX is led by an experienced
management team which has made three notable porphyry and bulk tonnage discoveries in North
America and is sponsored by Altius Minerals (TSX: ALS), a large shareholder of the Company.
Dr. Shane Ebert P.Geo. , is the Qualified Person for CANEX Metals and has approved the technical
disclosure contained in this news release.
“Shane Ebert”
Shane Ebert
President/Director
For Further Information Contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca
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.
Except for the historical and present factual information contained herein, the matters set forth in this news release, inclu ding words such as
“expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward -looking information that repr esents management of CANEX
Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof
or the economic performance of CANEX. The projections, estimates and beliefs contai ned in such forward -looking statements necessarily
involve known and unknown risks and uncertainties, which may cause CANEX’s actual performance and financial results in future periods to
differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and
uncertainties include, among other things, those described in CANEX’s filings with the Canadian securities authorities. Accordingly, holders of
CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted.
CANEX disclaims any responsibility to update these forward-looking statements.