Cantex Mine Development Corp. (TSX-V: CD) (OTCQB: CTXDF) is pleased to announce that it will undertake an additional non-brokered private placement to raise gross proceeds of up to $3,000,000 for additional drilling commencing this spring on the North Rackla project.

The Offering

The Offering will be comprised of a combination of flow through units and non-flow through units for total gross proceeds of up to $3,000,000. The FT units will be priced at $0.30 per unit, with each FT unit comprised of one flow through share and one-half warrant; the Units will be priced at $0.26 per unit, with each Unit comprised of one non-flow through share and one-half warrant. Each whole warrant issued in connection with either the FT Units or the NFT Units entitles the holder to acquire a non-flow through share at a price of $0.39 for a term of two years.

Rob McEwen has agreed to subscribe for $200,000 of NFT Units of this Offering from an entity controlled by him, bringing his shareholding in Cantex to over 4.6 million shares. He is the founder and former Chairman of Goldcorp which was acquired by Newmont Mining in 2019 for US$10 billion. Mr. McEwen is currently the Executive Chairman and Chief Owner of McEwen Mining Inc. and is a member of the Mining Hall of Fame.

The Company may pay finder’s fees in connection with the Offering in accordance with the policies of the TSX Venture Exchange. Proceeds from the Offering will be used to fund the Company’s North Rackla drill project in the Yukon and for general working capital.

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 significant massive sulphide mineralization has been discovered. Over 60,000 meters of drilling has defined high grade silver-lead-zinc-germanium mineralization over 2.35 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, the founder of Ekati, Canada’s first diamond mine.