Cantex arranges $600,000 private placement

Dec 26, 2024

2024-12-23 17:42 ET – News Release

Mr. Chad Ulansky reports

CANTEX ANNOUNCES PRIVATE PLACEMENT

Cantex Mine Development Corp. has arranged and plans to close a $600,000 non-brokered private placement.

The company will receive proceeds of $600,000 from the issuance of four million common flow-through shares, which are being issued at 15 cents per share. The securities issued in the offering are subject to a four-month hold period, expiring on April 24, 2025.

The company was charged $36,000 in finders’ fees in connection with the offering. The company will also be issuing 200,000 finders’ warrants. Each whole warrant entitles the holder to acquire one common share of the company at a price of 15 cents for a term of two years from closing.

Proceeds from the offering will be used to finance qualified critical mineral exploration expenditures on the company’s North Rackla project in the Yukon. The offering remains subject to the acceptance of the TSX Venture Exchange.

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 the Yukon territory, Canada, where high-grade 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 a 700-metre depth. The mineralization remains open along strike and to depth. The company is led by Dr. Charles Fipke, CM, the founder of Ekati, Canada’s first diamond mine.

The technical information and results reported herein have been reviewed by Chad Ulansky, PGeol, a qualified person under National Instrument 43-101, who is responsible for the technical content of this release.

https://cantex.ca/