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Canex Acquires 100% Ownership of The Excelsior Mine Property Highlights 2023 Exploration and Westgold Discovery
CALGARY, AB / ACCESSWIRE / November 29, 2023 / CANEX Metals Inc. ("CANEX" or the "Company") and ...
About this update from Canex Metals Inc
[{"type":"text","content":"Canex Acquires 100% Ownership of The Excelsior Mine Property Highlights 2023 Exploration and Westgold Discovery CALGARY, AB / ACCESSWIRE / November 29, 2023 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") and its 100% owned Arizona subsidiary CANEXCO Inc. are pleased to announce the completion of the Excelsior Mine Property purchase and provide a summary of 2023 Exploration at the Gold Range Project, Arizona.Excelsior Mine Property Purchase TermsThe Company has completed the purchase of a 100% interest in the Excelsior Mine Property from the Vendors by issuing 8,694,170 CANEX shares and paying US$120,000 in cash. The Vendors retained a 1.5% net smelter royalty, with CANEX retaining a right of first refusal on the sale of the royalty. This transaction, plus CANEX shares already owned by the Vendors, gives them just under 9.9% ownership of the issued shares of the Company. The shares issued will be subject to a hold period of four months plus one day or until March 28, 2024. The US$120,000 cash payment has been funded through the sale of marketable securities that were held by CANEX while preserving cash on the company's balance sheet.The Excelsior Mine Property consists of 2 patented mining claims (private land ownership) and 11 lode mining claims on Federal land and sits within the Company's larger Gold Range Project. With the patented mining claims, in addition to mineral rights, the Company also acquires significant surface infrastructure including two warehouse buildings, a house, and a water well. This existing infrastructure will be highly valuable in helping to facilitate low-cost exploration at the project.Dr. Shane Ebert President of the Company stated, \"CANEX is very pleased to welcome the Vendors as major shareholders of the Company. This purchase agreement and the elimination of the original option agreement is a key step in moving the highly prospective Gold Range Project forward, as it removes various deadlines and eliminates up to C$3.5 million in potential expenditures and payments over the next 3.5 years while minimizing dilution for investors. CANEX is now well-positioned to advance the consolidated Project as market conditions allow and direct exploration efforts across the entire property package.\"Figure 1. Photograph of the Excelsior patent claim purchased by CANEX showing warehouses and mine buildings i...