Canex Closes Final Tranche of Equity Financing
CANEX METALS INC.
SUITE 1620, 734 - 7
TH
AVENUE S.W., CALGARY, ALBERTA, T2P 3P8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 24-10 NOVEMBER 25, 2024
Trading Symbol: TSX Venture-CANX
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.
CANEX CLOSES FINAL TRANCHE OF EQUITY FINANCING
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce it
has closed the second and final tranche of its previously announced non-brokered private
placement. The Company will use the proceeds of the financing to advance the Louise
copper-gold porphyry project in British Columbia and the Gold Range oxide gold project in
northern Arizona.
Highlights
• Strong investor support to allow CANEX to conduc t low-cost drill targeting at the large
Louise copper-gold porphyry system in British Columbia
• Funds will allow additional advancement of the Gold Range project in Arizona focusing
on expanding the 4-km long prospective oxide gold trend
• The financing was done at a premium to current market price and with no warrant,
highlighting the strong potential of the Company’s projects
• There was strong insider participation with insiders taking 9.2% of the financing
Terms of the Financing
The total non-brokered private placement consisted of 3,000,000 common shares (“Common
Shares”) and 5,033,365 flow-through common shares ("FT Shares") for gross proceeds of
$437,000. Common Shares were offered at $0.045 per share and FT Shares were offered at
$0.06 per share. Canex issued 555,555 Common Shares and 416,700 FT Shares in the final
tranche.
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.
All securities issued in connection with this tranche of the Offering are subject to a four month
hold period and no finder’s fees were paid in connection with the Offering.
Insiders purchased a total of 111,108 Common Shares and 583,335 FT Shares . The
Company has relied on exemptions 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.
Incentive Stock Options
The Company has granted, pursuant to its stock option plan, a total of 5,200,000 incentive
stock options to existing directors, officers, and consultants of the Company. The options are
exercisable at a price of $0.05 per share for five years, with a portion vesting immediately and
the remaining vesting over a two year period. These incentive options replace 3,285,000
options that expired during 2024.
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 E xchange 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, including words such as
“expects”, “projects”, “plans”, “anticipates” and similar expressions, are forward-looking information that represents 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 contained 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 fro m 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.