Rob Mcewen Brings His Strategic Investment IN Cantex to over 4.6 Million Shares
ROB McEWEN BRINGS HIS STRATEGIC
INVESTMENT IN CANTEX TO OVER 4.6
MILLION SHARES
/THIS NEWS RELEASE IS NOT FOR DISSEMINATION IN
THE UNITED STATES
OR FOR
DISTRIBUTION TO U.S. WIRE SERVICES./
KELOWNA, BC
,
Dec. 5, 2023
/CNW/ -
Cantex Mine Development Corp.
(TSXV: CD) (OTCQB:
CTXDF) (the "Company") is pleased to announce that it will undertake an additional non-brokered
private placement to raise gross proceeds of up to
$3,000,000
(the "Offering") for additional drilling
commencing this spring on the North Rackla project.
The Offering
The Offering will be comprised of a combination of flow through units ("FT units") and non-flow
through units ("NFT Units") for total gross proceeds of up to
$3,000,000
. The FT units will be priced
at
$0.30
per unit, with each FT unit comprised of one flow through share and one-half warrant; the
Units will be priced at
$0.26
per unit, with each Unit comprised of one non-flow through share and
one-half warrant. Each whole warrant issued in connection with either the FT Units or the NFT Units
entitles the holder to acquire a non-flow through share at a price of
$0.39
for a term of two years.
Rob McEwen
has agreed to subscribe for
$200,000
of NFT Units of this Offering from an entity
controlled by him, bringing his shareholding in Cantex to over 4.6 million shares. He is the founder
and former Chairman of Goldcorp which was acquired by Newmont Mining in 2019 for
US$10 billion
.
Mr. McEwen is currently the Executive Chairman and Chief Owner of McEwen Mining Inc. and is a
member of the Mining Hall of Fame.
The Company may pay finder's fees in connection with the Offering in accordance with the policies
of the TSX Venture Exchange. Proceeds from the Offering will be used to fund the Company's
North Rackla drill project in the
Yukon
and for general working capital.
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 significant massive sulphide
mineralization has been discovered. Over 60,000 meters of drilling has defined high grade silver-
lead-zinc-germanium mineralization over 2.35 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
,
the founder of Ekati,
Canada's
first diamond mine.
Signed,
Charles Fipke
Dr.
Charles Fipke
, C.M.
Chairman
The securities issued pursuant to the Offering will be subject to a four month hold period from the
date of issue of the units. The Offering remains subject to the acceptance of the TSX Venture
Exchange.
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 09:00e 05-DEC-23