Cantex Commences Drilling at North Rackla and Closes First Tranche of Private Placement
CANTEX COMMENCES DRILLING AT NORTH
RACKLA
AND CLOSES FIRST TRANCHE OF
PRIVATE PLACEMENT
KELOWNA, BC
,
Oct. 19, 2023
/CNW/ -
Cantex Mine Development Corp.
(TSXV: CD) (OTCQB:
CTXDF) (the "Company") announces that, further to its news release of
September 20, 2023
announcing a private placement (the "Offering"), the Company closed the first tranche of the Offering
("the Tranche") on
October 17, 2023
and has received
$921,365
by the issuance of 1,424,550 flow
through units (the "FT Units") and 1,900,000 non flow-through units (the "Units"). FT Units were
issued at
$0.30
per FT Unit and Units were issued at
$0.26
per Unit; each FT Unit is comprised of a
flow through share and one-half of a non-flow through warrant and each Unit is comprised of one
non-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 Tranche will be used to fund the Company's current drill program on the North
Rackla Project in the
Yukon
and for general working capital. The Company is looking forward to
closing an upcoming second tranche, which will include the participation of our strategic
shareholder, Crescat Capital LLP ("Crescat"). Crescat has committed to investing up to
$1,500,000
of the previously announced Offering.
The Company was charged
$30,034
in finders fees in connection with the Tranche and issued
98,704 finders warrants; the finders warrants have the same terms and conditions as the warrants
issued in the Offering.
The securities issued in the Offering, including the finder's warrants, are subject to a four month hold
period, expiring on
February 18, 2024
.
Update on North Rackla Project
Cantex is pleased to announce that a drill crew has been mobilized to our North Rackla Project in the
Yukon
to commence drilling.
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 700 metres depth. The
mineralization remains open along strike and to depth. The company is led by Dr. Fipke, 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 15:49e 19-OCT-23