CTXDF) (the " Company
CANTEX CLOSES FIRST TRANCHE OF A
NON-BROKERED PRIVATE PLACEMENT
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES./
KELOWNA, BC
,
Aug. 12, 2026
/CNW/ --
Cantex Mine Development Corp.
(TSXV: CD) (OTCQB:
CTXDF) (the "
Company
") is pleased to announce that it has closed the first tranche of its previously
announced non-brokered private placement (the "
Offering
"). The first tranche of the Offering
consisted of 4,428,000 charity flow through units ("
CFT Units
") at $0.3625 per CFT Unit, 283,333
flow through shares ("
FT Shares
") at 0.30 per FT Share and 959,000 hard units ("
Units
") at $0.25
per Unit for total gross proceeds of $1,929,900. Each CFT Unit is comprised of one flow through
share and one half of a non-flow through warrant. Each Unit is comprised of one common share and
one half of a non-flow through warrant. Each whole warrant issued in connection with the Offering
entitles the holder to acquire one common share at a price of $0.40 for a term of two years.
Mr Chad Ulansky, President & CEO of the Company, subscribed for 100,000 FT shares for a total
subscription price of $30,000. The issuance of the FT Shares constitutes a "related party
transaction" as defined in Multilateral Instrument 61-101 -
Protection of Minority Securityholders in
Special Transactions
("
MI 61-101
"). The Company is relying on the exemption from valuation
requirements and minority approval pursuant to subsections 5.5(a) and 5.7(1)(a) of MI 61-101,
respectively, for the Insider participation in the Offering, as the value of the Units subscribed for
does not represent more than 25% of the Company's market capitalization, as determined in
accordance with MI 61-101.
In connection with the closing of the first tranche of the Offering, the Company paid an aggregate
cash finders' fee of $35,350 and issued an aggregate of 126,000 non-transferable finders' warrants
(the "
Finder's Warrants
") to certain arm's length finders. Each Finder's Warrant entitles the holder
to purchase one common share (a "
Finder Share
") at an exercise price of $0.40 per Finder Share
for a period of two years from the date of issuance of the Finder's Warrant.
Proceeds from the Offering will be used to fund qualified critical mineral exploration expenditures on
the Company's North Rackla drill projects in the Yukon including drilling of gold targets, high grade
copper discoveries as well as the high grade silver-lead-zinc-germanium massive sulphides to
potentially expand the strike length towards the now open northeast and for general operations. The
Offering remains subject to the acceptance of the TSX Venture Exchange.
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
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:
For further information: Cantex Mine Development Corp, Tel: +250-860-
8582, Email: [email protected]
CO: Cantex Mine Development Corp.
CNW 17:30e 12-AUG-26