Cantex Closes Final Tranche of over Subscribed Private Placement with a Further Investment BY Crescat Capital Llc
CANTEX CLOSES FINAL TRANCHE OF OVER
SUBSCRIBED PRIVATE PLACEMENT WITH A
FURTHER INVESTMENT BY CRESCAT
CAPITAL LLC
KELOWNA, BC
,
Jan. 16, 2024
/CNW/ -
Cantex Mine Development Corp.
(TSXV: CD) (OTCQB:
CTXDF) (the "Company") is pleased to announce the close of the final tranche of its financing.
The Company announces that, further to its news releases of
December 5
, 7, 18, and 29, 2023
announcing a private placement (the "Offering") and the close of the first three tranches, the
Company has closed the final tranche of the Offering ("the Final Tranche") and has received
proceeds of
$200,200
from the issuance of 770,000 units (the "Units"), which includes a participation
from our previously announced strategic partner Crescat Capital LLC ("Crescat"). Units were issued
at
$0.26
per Unit, with each Unit comprised of a non-flow through share and one-half of a non-flow
through warrant. Each whole warrant entitles the holder to acquire one common share of the
Company at a price of
$0.39
for a term of two years from closing.
The Company was charged
$14,000
in finders fees in connection with the Final Tranche, which was
settled with the issuance of 53,846 Units at a deemed price of
$0.26
/Unit. The Units issued as
settlement of the fees are comprised of 53,846 non-flow through shares and 26,923 warrants; the
warrants are exercisable for a period of two years from issuance and have an exercise price of
$0.39
. The Company also issued 53,846 finders warrants, which have the same terms and
conditions as the warrants issued in the Offering. All warrants issued as part of the finders fee are
non-transferable.
Combined with the first, second and third tranches, the over subscribed Offering has resulted in
gross proceeds of
$3,000,190
from the issuance of 8,599,966 FT Units and 1,616,154 Units. FT
Units were issued at
$0.30
per FT Unit and are comprised of one flow through share and one-half of
a warrant; each whole warrant entitles the holder to acquire one common share of the Company at a
price of
$0.39
for a term of two years from closing. Proceeds from the Final Tranche will be used to
fund general operations of the Company.
Combined with the first, second and third tranches, the Company was charged a total of
$177,100
in
finders fees and issued a total of 647,766 finders warrants, which have the same terms and
conditions as the warrants issued in the Offering. Of the
$177,100
in fees,
$65,100
was settled in
cash and
$112,000
was settled with the issuance of 430,766 Units at a deemed price of
$0.26
/Unit.
The Units issued as settlement of the fees are comprised of 430,766 non-flow through shares and
215,383 warrants; the warrants are exercisable for a period of two years from issuance and have
an exercise price of
$0.39
. All warrants issued as part of the finders fee are non-transferable.
The securities issued in the Final Tranche are subject to a four month hold period, expiring on
May
13, 2024
.
About Cantex Mine Development Corp.
Cantex is focused on its 100-per-cent-owned, 20,000-hectare North Rackla project located 150
kilometres northeast of the town of Mayo in
Yukon, Canada
, where significant massive sulphide
mineralization has been discovered. Over 60,000 metres of drilling has defined high-grade silver-
lead-zinc-germanium mineralization over 2.3 kilometres of strike length and more than 700 metres
depth. The mineralization remains open along strike and to depth. The company is led by Dr. Fipke
CM, the founder of Ekati,
Canada's
first diamond mine.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press
release constitute "forward-looking statements" or "forward-looking information", including
statements regarding the expected use of proceeds of the private placement. Further, any
statements or information that express or involve discussions with respect to predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance
(often, but not always, using words or phrases such as "expects", "anticipates", "believes", "plans",
"estimates", "intends", "targets", "goals", "forecasts", "objectives", "potential" or variations thereof or
stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken,
occur or be achieved, or the negative of any of these terms and similar expressions) are not
statements of historical fact and may be forward-looking statements or information. The
Company's forward-looking statements and information are based on the assumptions, beliefs,
expectations and opinions of management as of the date of this press release, and other than as
required by applicable securities laws, the Company does not assume any obligation to update
forward-looking statements and information if circumstances or management's assumptions,
beliefs, expectations or opinions should change, or changes in any other events affecting such
statements or information. For the reasons set forth above, investors should not place undue
reliance on forward-looking statements and information.
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.
SOURCE
Cantex Mine Development Corp.
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For further information:
Cantex Mine Development Corp, Tel: +250-860-8582; Email:
CO: Cantex Mine Development Corp.
CNW 09:00e 16-JAN-24