Cantex Commences Drilling ON Its North Rackla Copper-GOLD, Germanium and Base Metal Project IN the Yukon and Announces $1.1 Million Private Placement
CANTEX COMMENCES DRILLING ON ITS
NORTH RACKLA COPPER-GOLD,
GERMANIUM AND BASE METAL PROJECT IN
THE YUKON AND ANNOUNCES $1.1 MILLION
PRIVATE PLACEMENT
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN
THE UNITED STATES
OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES./
KELOWNA, BC
,
June 3, 2024
/CNW/ -
Cantex Mine Development Corp.
(TSXV: CD) (OTCQB:
CTXDF) (the "Company") is pleased to announce that it has commenced drilling at its North Rackla
project, Yukon. It has also arranged a one million one hundred thousand dollar non-brokered private
placement.
North Rackla Drilling
Drilling has now commenced on the Copper Project on the western side of the Company's North
Rackla property. Previous drilling on this project intersected 2.5 metres of 3.93% copper including 1
metre of 7.32% copper (see news release of
April 13
, 2023).
The Offering
Cantex is pleased to report that two strategic investors are committed to an investment of
$1,100,000
. Dr.
Charles Fipke
, the Company's largest shareholder and Chairman, is investing
$1,000,000
. Crescat Capital LLC, who commenced building a position in Cantex in late 2023 (see
release dated
September 20, 2023
) is investing
$100,000
.
The Offering will be comprised of 9,166,666 common shares at a price of
$0.12
per common
share. The common shares will be subject to a 4 month hold period in accordance with applicable
securities laws. Closing of the Offering remains subject to acceptance by the TSX Venture
Exchange.
0974052 B
.C. Ltd. ("BC Ltd"), a company over which Dr.
Charles Fipke
, the Chairman and a control
person of the Company exercises control and direction over, will be subscribing for 8,333,333
Shares for a total subscription price of
$1,000,000
. BC Ltd acquired the Shares for investment
purposes. The Offering and the acceptance of the subscription by BC Ltd was approved by
unanimous resolution of the board of directors of the Company with Dr. Fipke declaring his interest in
the resolution and abstaining from voting. There was no formal valuation of the Company done in
connection with the Offering nor has there been such a formal valuation in the past 24 months. The
Company relied upon the exemptions contained in Section 5.5(b) and 5.7(b), of Multilateral
Instrument 61-101 ("MI 61-101") to avoid the formal valuation and shareholder approval
requirements of MI 61-101. For the purposes of Section 5.5(b), the Company does not have any
securities listed on any of the stock exchanges set out in Section 5.5(b) and for the purposes of
Section 5.7(b) the exemption was available as the consideration paid for the Units subscribed for by
BC Ltd was less than
$2,500,000
.
Proceeds from the Offering will be used, along with the proceeds of the
$3 million dollar
financing
completed in
January 2024
, to fund the drill program on the Company's North Rackla project in the
Yukon. As noted above, drilling has just started at the copper target and in two weeks drilling will
commence on the Massive Sulphide project where high-grade germanium-silver-lead-zinc
mineralization has been discovered. Gold targets are also being evaluated for the summer's drill
program.
About Cantex
Cantex is focused on its 100% owned 20,000 hectare North Rackla Project located 150 kilometers
northeast of the town of
Mayo
in the
Yukon Territory, Canada
where high-grade massive sulphide
mineralization has been discovered. Over 60,000 meters of drilling has defined high grade silver-
lead-zinc-germanium mineralization over 2.3 kilometers of strike length and 700 meters depth. The
mineralization remains open along strike and to depth. The Company is led by Dr.
Charles Fipke
,
C.M., the founder of Ekati,
Canada's
first diamond mine.
The technical information and results reported here have been reviewed by Mr.
Chad Ulansky
P.Geol
., a Qualified Person under National Instrument 43-101, who is responsible for the technical
content of this release.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within
the United States
or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or an exemption from such
registration is available.
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 15:42e 03-JUN-24