Business
Canex Announces Equity Financing and Welcomes Strategic Investor Michael Gentile, CFA
Blair Schultz Joins Board Of Directors NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES O...
About this update from Canex Metals Inc
[{"type":"text","content":"Canex Announces Equity Financing and Welcomes Strategic Investor Michael Gentile, CFABlair Schultz Joins Board Of DirectorsNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.CALGARY, AB / ACCESSWIRE / May 2, 2022 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") (TSX-V:CANX) is pleased to announce a C$2.5 million private placement where Michael Gentile, CFA, will acquire a 10.5% interest in the outstanding common shares of the Company. In addition, Blair Schultz has joined the Company's Board of Directors.HighlightsMr. Michael Gentile, CFA makes strategic investment in CANEX Metals and will own 10.5% (partially diluted) of the company upon closing of the financing.Mr. Blair Schultz is joining the board of Directors. Mr. Schultz will be adding to his existing investment in the company and upon closing of the transaction Mr. Schultz will own 5.3% (partially diluted) of CANEX.Altius Minerals (ALS-T) have recently exercised their remaining 500,000 warrants for proceeds of $40,000. Upon closing of the financing Altius Minerals will own 7.4% of CANEX and remains a key supportive and founding shareholder of the Company.The Company will use the proceeds of the financing to drill test the potential for bulk tonnage oxide gold along a recently expanded mineralized corridor that is now 3.2 kilometres long by up to 500 metres wide at the Gold Range property.Upon closing the Company will be in a very strong financial position and will have the ability to advance exploration at Gold Range at an expedited pace.Assay results for 28 RC drill holes are pending.The Company is very pleased to announce that Mr. Michael Gentile, CFA, will be the lead investor in the financing and on closing will become an insider of the Company with 10.5% ownership. Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies. Michael is currently a strategic advisor to Arizona Metals (AMC-V) and a director of Northern Superior Resources (SUP-V), Roscan Gold (ROS-V), Radisson Mining Resources (RDS-V) and Solstice Gold (SGC-V). Michael recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, Quebec and was previously a Senior Portfolio Manager with Formula Growth Limited.\"I was quite attra...