OR Disemmination IN the

Callinex Closes Oversubscribed $8,888,888

Financing

/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISEMMINATION IN

THE

UNITED STATES

./

VANCOUVER, BC

,

Feb. 25, 2021

/CNW/ -

Callinex Mines Inc.

(TSX-V: CNX) ("

Callinex

" or the

"

Company

") is pleased to announce that the Company has closed its oversubscribed private

placement financing by raising a total of

$8,888,888

(the "

Offering

"). Under the Offering, the

Company issued (i) 625,002 hard dollar units (the "

HD Units

") at a price of

C$4.00

per HD Unit (the

"

HD Offering Price

") for gross proceeds of

C$2,500,008

; (ii) 125,000

New Brunswick

flow-through

units (the "

NB FT Units

") at a price of

$5.52

per NB FT Unit (the "

NB FT Offering Price

") for gross

proceeds of

$690,000

; and (iii) 890,450

Manitoba

flow-through units (the "

MB

FT Units

") at a price

of

C$6.40

per MB FT Unit (the "

MB

FT Offering Price

") for gross proceeds of

C$5,698,880

.

Max Porterfield

, President and CEO stated, "The Company is now fully funded and focused on

expanding the high-grade copper, gold, silver and zinc rich Rainbow Discovery at the Company's

Pine Bay Project in

Manitoba

. Two drill rigs have commenced the budgeted 30,000-meter drilling

campaign in

Manitoba

and plans are underway to expand the two near surface silver discoveries in

New Brunswick

with a drilling campaign in the coming months. We're grateful for the support from

new and existing shareholders in this financing which allows us to continue our mission of driving

shareholder value through discovery."

Each HD Unit consists of one common share and one-half of one transferable common share

purchase warrant (each whole such common share purchase warrant, a "

Warrant

"). Each NB FT

Unit consists of one flow-through common share and one-half of one transferable Warrant to be

issued on a non-flow-through basis. Each MB FT Unit consists of one flow-through common share

and one-half of one transferrable Warrant to be issued on a non-flow-through basis. Each Warrant

shall be exercisable into one additional common share (a "

Warrant Share

") at an exercise price of

C$6.00

per Warrant Share until

February 25, 2024

.

The Warrants will be subject to an acceleration clause whereby if at any time four months after the

date of issuance and prior to the expiry of the Warrants the volume-weighted average trading price

of the common shares exceeds

C$8.00

for a period of 15 consecutive trading days, the Company is

entitled, as its option, to accelerate the expiry date of the Warrants by delivering written notice to

the holders of the Warrants, to a date that is not less than 30 days after such notice is given.

Clarus Securities Inc. acted as lead agent and bookrunner, on behalf of a syndicate of agents that

included PI Financial Corp. and Stifel Nicolaus Canada Inc. The Company paid the syndicate of

agents a cash commission of

$276,268

and issued a total of 31,506 share purchase warrants

("

Compensation Options

"), with each Compensation Option exercisable at

$6.00

per share

expiring on

February 25, 2023

.

The securities issued under the Offering will be subject to restrictions on resale expiring on

June 26,

2021

.

The gross proceeds from the sale of NB FT Units and the MB FT Units will be used by the Company

to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining

expenditures" as such terms are defined in the Income Tax Act (

Canada

) (the "

Qualifying

Expenditures

") related to the Company's projects in

Canada

. All Qualifying Expenditures will be

renounced in favour of the subscribers of the Flow-Through Shares effective

December 31, 2021

.

The net proceeds from the sale of the HD Units will be used by the Company for working capital and

general corporate purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to buy 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.

About Callinex Mines Inc.

Callinex Mines is advancing its portfolio of base and precious metals rich deposits located in

established Canadian mining jurisdictions. The portfolio is highlighted by the rapidly expanding

Rainbow discovery at its Pine Bay project located near existing infrastructure in the

Flin Flon

mining

district. Additionally, Callinex has emerging near-surface silver discoveries at its

Nash Creek

project

located in the

Bathurst

mining district of

New Brunswick

. A 2018 preliminary economic assessment

on the company's

Bathurst

projects outlined a mine plan that generates a strong economic return

with a pretax internal rate of return of 34.1 per cent (25.2 per cent post-tax) and a net present value

8 per cent of

$230-million

(

$128-million

post-tax).

Callinex trades on the TSX.V under the symbol "CNX".

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

.

SOURCE

Callinex Mines Inc.

View original content:

http://www.newswire.ca/en/releases/archive/February2021/25/c3902.html

%SEDAR: 00031889E

For further information:

Please Contact Callinex Mines Inc.: Max Porterfield, President and Chief

Executive Officer, 1555-555 West Hastings St., Vancouver, BC, Canada, V6C 4N6,

[email protected], (604) 605-0885

CO: Callinex Mines Inc.

CNW 12:58e 25-FEB-21