Business
CANEX Closes Equity Financing
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. CA...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Closes Equity FinancingNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. CALGARY, AB / ACCESS Newswire / June 26, 2025 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") (TSX.V:CANX) is pleased to announce that it has closed its previously announced non-brokered private placement (the \"Private Placement\") of 23,636,380 common shares (\"Common Shares\") for gross proceeds of $1,300,000.90. The Common Shares were issued at a price of $0.055 per Common Share and are subject to a hold period of four months plus one day from the date of closing.The Common Shares were offered on a non-brokered basis by way of private placement to accredited investors and no commissions were paid to investment dealers in connection with the Private Placement. The Private Placement is subject to final acceptance of the TSX Venture Exchange.Certain insiders purchased a total of 1,139,054 Common Shares in connection with the Private Placement. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements contained in Sections 5.5(a) and 5.7(1)(a) of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") as the participation in the Private Placement by the insiders does not exceed 25% of the fair market value of the market capitalization of the Company as determined in accordance with MI 61-101.Proceeds of the Private Placement will be used to advance the district consolidation opportunity as announced by the Company on June 9, 2025, for exploration at the Company's Gold Range and Louise projects, and for general working capital.About CANEX MetalsCANEX Metals (TSX.V:CANX) is a Canadian junior exploration company focused on advancing its 100% owned Gold Range Project in Northern Arizona. With several near surface bulk tonnage gold discoveries made to date across a 4 km gold mineralized trend, the Gold Range Project is a compelling early-stage opportunity for investors. CANEX is also advancing the Louise Copper-Gold Porphyry deposit in British Columbia. The Louise Copper-Gold Porphyry contains a large historic copper-gold resource that has seen very little deep or lateral exploration, offering investors copper and gold discovery potential. CANEX is led by an experienced management team which has made three ...