Callinex Announces Share Consolidation
Callinex Announces Share Consolidation
VANCOUVER
,
June 19, 2019
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV:
CNX) (OTC: CLLXF) announces that it plans to consolidate its issued and outstanding common
shares at a ratio of ten (10) pre-consolidated shares to one (1) post-consolidation share (the
"Consolidation"). The purpose of the Consolidation is to facilitate the Company's ability to attract
future financings and generate greater investor interest.
The Company currently has 86,355,772 common shares issued and outstanding. Upon completion of
the Consolidation, the Company will have 8,635,577 common shares issued and outstanding.
In accordance with the Company's Articles, the Consolidation will not require the approval of the
shareholders.
The Consolidation is subject to the acceptance of the TSX Venture Exchange.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of zinc rich deposits
located in established Canadian mining jurisdictions. The portfolio is highlighted by its
Nash Creek
and Superjack deposits in the Bathurst Mining District of
New Brunswick
. A 2018 PEA outlined a
mine plan that generates a strong economic return with a pre-tax IRR of a 34.1% (25.2% post-tax)
and NPV8% of
$230 million
(
$128 million
post-tax). The projects have significant exploration
upside over a district-scale land package that encompasses several high-grade mineral
occurrences along a 20 km trend.
Click here
to view a video overview of the Nash Creek Project.
Callinex has a project portfolio that also includes projects within the Flin Flon Mining District of
Manitoba
that are located 25 km to an operating processing facility that requires additional ore.
The Company's projects host Indicated resources of 13.6 Mt averaging 3.2% Zn Eq. totaling 963
million pounds and Inferred resources of 23.2 Mt averaging 5.2% Zn Eq. totaling 2.7 billion pounds
(See News Release dated
April 16, 2018
).
Neither the 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.
Some statements in this news release contain forward-looking information. These statements
include, but are not limited to, statements with respect to future expenditures. These statements
address future events and conditions and, as such, involve known and unknown risks,
uncertainties and other factors which may cause the actual results, performance or achievements
to be materially different from any future results, performance or achievements expressed or
implied by the statements. Such factors include, among others, the ability to complete the
proposed drill program and the timing and amount of expenditures. Except as required under
applicable securities laws, Callinex does not assume the obligation to update any forward-looking
statement
.
View original content:
http://www.prnewswire.com/news-releases/callinex-announces-share-consolidation-300870934.html
SOURCE
Callinex Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/June2019/19/c2412.html
%SEDAR: 00031889E
For further information:
Callinex Mines Inc., Max Porterfield, President and Chief Executive
Officer, Phone: (604) 605-0885, E-mail: [email protected]
CO: Callinex Mines Inc.
CNW 08:30e 19-JUN-19