Cantex Closes Private Placement and Commences Drilling
Cantex Closes Private Placement and
Commences Drilling
KELOWNA, BC
,
Aug. 21, 2020
/CNW/ - Further to its news releases of
July 27
, and
August 14,
2020
,
Cantex Mine Development Corp.
(TSXV: CD) (the "
Company
") is pleased to announce the
closing of the final tranche of its non-brokered private placement (the "
Placement
") of flow through
and charity flow through shares. In this closing, the Company issued 1,578,948 charity flow through
shares (the "
Shares
") for gross proceeds of
$3,000,001
. These Shares were sold at a price of
$1.90
per Share
The Shares issued in this closing are subject to a hold period expiring
December 22, 2020
. Finders'
fees of
$161,000
were paid in connection with this tranche of the Placement.
Proceeds from the Placement will be applied to the exploration program on the Company's Rackla
project in the
Yukon
.
Drilling Underway at Massive Sulphide Project
Cantex is pleased to announce that drilling has commenced at its Massive Sulphide project in the
Yukon. Drilling is focused on testing the Main Zone along strike and to depth, where the Company's
previous drilling intersected exceptionally high-grade silver, lead and zinc mineralization. Much of the
drilling is being guided by the structural mapping recently completed by
Chris Buchanan
, M.Sc.
P.Geo.
The technical information and results reported here have been reviewed by Mr.
Chad Ulansky
P.Geo
., a Qualified Person under National Instrument 43-101, who is responsible for the technical
content of this release.
Signed,
Charles Fipke
Charles Fipke
Chairman
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 16:30e 21-AUG-20