The Prospector News

CANTEX CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

CANTEX CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

 

 

 

 

 

Cantex Mine Development Corp. (TSX-V: CD) (OTCQB: CTXDF) is pleased to announce the close of the second tranche of its financing.

 

The Company announces that, further to its news releases of December 5 and 7, 2023 announcing a private placement and the close of the first tranche, the Company closed the second tranche of the Offering and has received proceeds of $1,130,000 by the issuance of 3,100,000 flow through units and 769,231 non flow-through units. FT Units were issued at $0.30 per FT Unit and Units were issued at $0.26 per Unit; each FT Unit is comprised of a flow through share and one-half of a non-flow through warrant and each Unit is comprised of one non-flow through share and one-half of a warrant. Each whole warrant entitles the holder to acquire one common share of the Company at a price of $0.39 for a term of two years from closing.

 

Included in the Second Tranche is an investment by Rob McEwen, though an entity controlled by him. With this placement, he brings his shareholding in Cantex to over 4.6 million shares.

 

Proceeds from the Second Tranche will be used to fund the Company’s North Rackla Project in the Yukon and for general working capital.

 

The Company was charged $65,100 in finders fees in connection with the Second Tranche, which was paid in cash; the Company also issued 217,000 finder’s warrants, which have the same terms and conditions as the warrants issued in the Offering.  All warrants issued as part of the finders fee are non-transferable.

 

The securities issued in the Second Tranche are subject to a four month hold period, expiring on April 16, 2024.

 

The Company is looking forward to closing the final tranche of the Offering in the near future.

 

About Cantex Mine Development Corp.

 

Cantex is focused on its 100-per-cent-owned, 20,000-hectare North Rackla project located 150 kilometres northeast of the town of Mayo in Yukon, Canada, where significant massive sulphide mineralization has been discovered. Over 60,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.3 kilometres of strike length and more than 700 metres depth. The mineralization remains open along strike and to depth. The company is led by Dr. Fipke CM, the founder of Ekati, Canada’s first diamond mine.

 

Posted December 19, 2023

Share this news article

MORE or "UNCATEGORIZED"


Antimony Resources Corp. (ATMY) (ATMYF) (K8J0) Reports Gold Assays Up To 1.88 Grams per Tonne (g/t) Gold Over 4.85 Meters from Drill Core Samples in the Main Zone at Bald Hill Antimony Project

Antimony Resources Corp. (CSE: ATMY) (OTCQB: ATMYF) (FSE: K8J0) is pleased to announce that it has ... READ MORE

June 30, 2026

Buffalo Potash Announces Closing of Second and Final Tranche of Oversubscribed and Upsized C$14.85 Million Non-Brokered Private Placement

Buffalo Potash Corporation (TSX-V: BUFF) (OTCQB: BLPTF) is pleased to announce that, further to its ... READ MORE

June 30, 2026

Fortuna delivers robust Feasibility Study for the Diamba Sud Gold Project in Senegal: After-tax IRR of 60% and NPV5% of US$1 billion using US$3,500/oz

Fortuna Mining Corp. (NYSE: FSM) (TSX: FVI) announces positive results from the feasibility study fo... READ MORE

June 30, 2026

Contango Enhances Economics with Strategic Settlement of the Lucky Shot Milestone Payments and Receives $9 Million Cash Distribution from Peak Gold JV

Contango Silver and Gold Inc. (NYSE: CTGO) (TSX: CTGO) is pleased to announce that it has entered in... READ MORE

June 30, 2026

Lion One Announces Closing of First Tranche of Non-Brokered Private Placement of Convertible Debenture Units and Units for Gross Proceeds of $15.3 Million

Lion One Metals Limited (TSX-V: LIO) (OTCQX: LOMLF) is pleased to announce that it has closed the fi... READ MORE

June 30, 2026

Copyright 2026 The Prospector News