The Prospector News

CANTEX ANNOUNCES CLOSING OF PRIVATE PLACEMENT

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

CANTEX ANNOUNCES CLOSING OF PRIVATE PLACEMENT

 

 

 

 

 

Cantex Mine Development Corp. (TSX-V: CD) (OTCQB: CTXDF) announces the close of the previously announced financing.

 

The Company announces that, further to its news releases of June 3 and 28, 2023 announcing a private placement and subsequent increase, the Company has closed the Offering. The Company has received proceeds of $1,450,000 from the issuance of 12,083,331 common non-flow through shares, which includes participation from our previously announced strategic partner Crescat Capital LLC. Shares were issued at $0.12 per share. The securities issued in the Offering are subject to a four month hold period, expiring on November 18, 2024.

 

The Company was charged $24,500 in finders fees in connection with the Offering.

 

0974052 B.C. Ltd. (“BC Ltd”), a company over which Dr. Charles Fipke, the Chairman and a control person of the Company exercises control and direction over, subscribed for 8,333,333 Shares for a total subscription price of $1,000,000.  BC Ltd acquired the Shares for investment purposes. The Offering and the acceptance of the subscription by BC Ltd was approved by unanimous resolution of the board of directors of the Company with Dr. Fipke declaring his interest in the resolution and abstaining from voting. There was no formal valuation of the Company done in connection with the Offering nor has there been such a formal valuation in the past 24 months. The Company relied upon the exemptions contained in Section 5.5(b) and 5.7(b), of Multilateral Instrument 61-101 to avoid the formal valuation and shareholder approval requirements of MI 61-101. For the purposes of Section 5.5(b), the Company does not have any securities listed on any of the stock exchanges set out in Section 5.5(b) and for the purposes of Section 5.7(b) the exemption was available as the consideration paid for the Units subscribed for by BC Ltd was less than $2,500,000.

 

Proceeds from the Offering will be used, along with the proceeds of the $3 million dollar financing completed in January 2024, to fund the drill program on the Company’s North Rackla project in the Yukon and for general operations of the Company.

 

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 high-grade massive sulphide mineralization has been discovered. Over 60,000 meters of drilling has defined high grade silver-lead-zinc-germanium mineralization over 2.3 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, C.M., the founder of Ekati, Canada’s first diamond mine.

 

The technical information and results reported here have been reviewed by Mr. Chad Ulansky P.Geol., a Qualified Person under National Instrument 43-101, who is responsible for the technical content of this release.

 

Posted July 18, 2024

Share this news article

MORE or "UNCATEGORIZED"


NIOB Intersects 211+ Metres of Cumulative Pegmatite with Encouraging Nb-REE Exploration Indicators at Seigneurie; Assays Pending

North American Niobium and Critical Minerals Corp. (CSE: NIOB) (FSE: KS82.F) (OTCQB: NIOMF) has dril... READ MORE

April 29, 2026

Guanajuato Silver Announces Year-End and Q4 2025 Results

Guanajuato Silver Company Ltd. (TSX-V:GSVR)(OTCQX:GSVRF) is pleased to announce financial informatio... READ MORE

April 29, 2026

Trident Intersects 15.11 g/t Au over 51.83m from 256.0m in the BK3 Zone at the Contact Lake Gold Project, Saskatchewan

Trident Resources Corp. (TSX-V: ROCK) (OTCQB: TRDTF) (Frankfurt: 6BP0) is pleased to announce assay... READ MORE

April 29, 2026

West Point Gold Intersects 18.3m of 6.05 g/t Au and 35.1m of 2.23 g/t Au, Expanding the High-Grade Northeast Tyro Zone to over 400m of Strike Length and to 300m Depth

West Point Gold Corp. (TSX-V: WPG) (OTCQB: WPGCF) (FSE: LRA0) is pleased to announce step-out... READ MORE

April 29, 2026

First Quantum Minerals Reports First Quarter 2026 Results

First Quantum Minerals Ltd. (TSX: FM) today reports results for the three months ended March ... READ MORE

April 29, 2026

Copyright 2026 The Prospector News