Canex Signs Letter of Intent to Acquire a High Grade GOLD Discovery IN Arizona and Announces Financing
CANEX METALS INC.
SUITE 815, 808-4TH AVENUE S.W., CALGARY, ALBERTA, T2P 3E8
PH: 403.233.2636 FAX: 403.266.2606
NEWS RELEASE: 19-3 MAY 22, 2019
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 SIGNS LETTER OF INTENT TO ACQUIRE A HIGH GRADE GOLD DISCOVERY
IN ARIZONA AND ANNOUNCES FINANCING
Calgary, Alberta - CANEX Metals Inc. (“CANEX” or the “Company”) is pleased to announce it has
signed a letter of intent with a US based prospector (the “Vendor”) to acquire a 100% interest in the
Gold Range Property located in northern Arizona, USA.
The Gold Range Property is located in Northern Arizona within a district that has seen considerable
lode and placer gold exploration and mining. Earlier this year the Vendor discovered a quartz vein
containing abundant visible gold on the Gold Range Property. The discovery was made using a hand
held metal detector and occurs within bedrock concealed under 30 cm of soil cover. The discovery
occurs near the top of a rounded hill in an area with shallow bedrock and is amenable to low cost
surface exploration methods including soil sampling and trenching. The in situ occurrence contains
quartz with abundant gold, although the current poor exposure does not allow an assessment of the
size, orientation, or controls on the zone.
Within the next few weeks CANEX intends to initiate a surface exploration program focused on defining
and tracing the new gold- quartz discovery and identifying additional mineralized zones in the
immediate area . Permitting will be initiated shortly to allow for trenching and exposing of the ne w
discovery and for exploration of the larger property.
Terms of the Agreement
The Agreement gives CANEX the exclusive right, at its election, to acquire a 100% interest in the Gold
Range Property from the Vendor by making staged cash payments over 4 years totaling US$90,000
and completing exploration expenditures of US$8 0,000. The Vendor w ill retain a 2% net smelter
royalty, half of which can be bought back by CANEX for US$500,000, and the remaining half can be
bought back for an additional US$1,000,000. A definitive agreement will be prepared and entered into
between CANEX and the Vendor.
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May 22, 2019
Financing
CANEX is pleased to announce a non- brokered private placement of up to 4,000,000 units (“Common
Units”) at a price of $0.05 per Common Unit for gross proceeds of up to $200,000. Each Common Unit
will consist of one common share and one common share purchase warrant. Each common share
purchase warrant will entitle the holder to purchase one common share at a price of $0.08 per share for
a period of three years following closing.
The Units 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. Finder’s fees of 5% cash and 5% Brokers Warrants may be paid to eligible agents pursuant to
the offering. Each broker warrant will entitle the holder to acquire one common share of the Company
for a period of 3 years at a price of $0.05 per share
This financing is subject to TSX Venture Exchange and regulatory approval. Proceeds of the financing
will be used to explore the Gold Range Property, and for general working capital.
About CANEX Metals Inc.
CANEX Metals is a Canadian based exploration company focused on acquiring and advancing high
grade gold and silver deposits in stable mining jurisdictions. Company Management has a proven
track record of exploration success, with key personnel being involved in discoveries in Mexico,
Newfoundland, and British Columbia. CANEX has optioned five British Columbia exploration projects
from Altius Resources Inc. and Altius is a significant shareholder of the Company. CANEX is exploring
the Gibson Prospect in British Columbia where significa nt gold- silver discoveries have been made
during 2017 and 2018, including drill results of 872 g/t Ag and 2.7 g/t Au over 0.5m, 11.9 g/t Au and
301 g/t Ag over 1m. Please visit our website at www.canexmetals.ca for additionnel information.
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 E xchange nor it s 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 matter s 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 c oncerning, 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 uncertain ties 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.