Callinex Mines Inc.  (TSX-V: CNX) (OTC: CLLXF) announces that it has closed its previously announced non-brokered private placement by issuing 2,020,000 units  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. 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.