Callinex Closes Flow-Through Financing
Callinex Closes Flow-Through Financing
/NOT FOR DISTRIBUTION TO
THE UNITED STATES
NEWSWIRE SERVICES OR FOR
DISSEMINATION IN
THE UNITED STATES
./
VANCOUVER
,
Sept. 27, 2019
/CNW/ -
Callinex Mines Inc.
(the "Company" or "Callinex") (TSXV:
CNX) (OTC: CLLXF) announces that it has closed its previously announced non-brokered private
placement (the "Financing") by issuing 2,020,000 units (a "Unit") at a price of
$0.50
per Unit for
proceeds of
$1,010,000
.
Each Unit consists of one flow-through common share and one-half of one non-flow-through share
purchase warrant (a "Warrant"), with each whole Warrant entitling the holder to purchase one
additional share at a price of
$1.00
per share until
September 26, 2021
.
The proceeds of the Financing will be used to conduct exploration activities on its exploration
portfolio in the
Flin Flon
and
Bathurst
mining districts.
Insiders subscribed for a total of 240,000 Units for total proceeds of
$120,000
. The issuance of
Units to insiders is considered a related party transaction subject to Multilateral Instrument 61-101.
Callinex intends to rely on exemptions from the formal valuation and minority shareholder approval
requirements provided under sections 5.5(a) and 5.7(a) of Multilateral Instrument 61-101 on the
basis that the participation in the private placement by the insiders will not exceed 25% of the fair
market value of the Company's market capitalization.
All securities issued under the Financing will be subject to a four-month hold period expiring on
January 27, 2020
.
This press release is not an offer of securities for sale in
the United States
. The securities described
in this press release have not been registered under the U.S. Securities Act of 1933, as amended,
and may not be offered or sold in
the United States
or to, or for the account or benefit of, U.S.
persons (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) absent
registration or an exemption from registration. This press release shall not constitute an offer to sell
or a solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction
where such offer, solicitation, or sale would be unlawful.
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.
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. Except as required under applicable securities laws, Callinex does not
assume the obligation to update any forward-looking statement
.
SOURCE
Callinex Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/September2019/27/c5967.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 27-SEP-19