Canex Revises Equity Financing and Provides Exploration Update
CANEX METALS INC.
SUITE 815, 808-4 TH AVENUE S.W., CALGARY , ALBERTA , T2P 3E8
PH: 403.233.2636 FAX : 403.266.2606
NEWS RELEASE: 20-10 MARCH 27, 2020
Trading Symbol: TSX Venture- CANX
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
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY
FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW.
CANEX REVISES EQUITY FINANCING AND PROVIDES EXPLORATION UPDATE
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) announces that it has amended its
non brokered private placement originally announced on February 26, 2020, in order to reflect current
market conditions.
The revised private placement will consist of up to 5,555,555 shares (“Common Shares”) at a price of
$0.09 per Common Share for gross proceeds of up to $500,000. 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. Proceeds of the financing will be used to further
explore the Gold Range Property, to evaluate additional exploration opportunities, and for general
working capital.
Exploration Update
In February and March the Company conducted mapping and sampling programs at Gold Range in
preparation for a final trenching program prior to selecting drill targets. The March program was ended
prior to completion to comply with health and travel advisories related to the coronavirus pandemic.
The Company intends to continue exploration at Gold Range once travel restrictions are lifted and work
can resume in the area.
Results of sampling and mapping completed to date will be released once they are received and
interpreted. The Company will utilize the current hiatus in exploration to compile and prioritize
exploration targets at Gold Range and evaluate new opportunities.
About the Gold Range Property
The Gold Range Property is located in Northern Arizona within an area that has seen historic lode and
placer gold production but limited systematic modern lode gold exploration. Fieldwork by the Company
has identified numerous gold exploration targets on the property with grab samples from outcropping
quartz veins returning multiple values in the 20 to 40 g/t gold range, and chip sampling returning values
of 31.7 g/t gold over 1 metre, 24.3 g/t gold over 1.5 metres, 28.1 g/t gold over 1 metre, 17.2 g/t over 1.1
metres, and 8.47 g/t gold over 5.6 metres. Please visit our website at www.canexmetals.ca for
additionnel information.
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March 27, 2020
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
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, 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 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.