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CANEX Closes Equity Financing and Increases Drill Program at Gold Range, Arizona
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES CALG...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Closes Equity Financing and Increases Drill Program at Gold Range, ArizonaNOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESCALGARY, AB / ACCESSWIRE / April 3, 2023 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce that it has closed its previously announced C$600,000 million private placement. The Company will use the proceeds of the financing to advance its Gold Range Project located in northern Arizona, including a significant expansion to the Reverse Circulation (RC) drill program that is currently in progress.HighlightsStrong investor support to expand CANEX's current exploration efforts at Gold RangeMultiple insiders participated in the financing with insiders beneficial ownership on a partially diluted basis increasing to 21.1% of the CompanyMr. Michael Gentile, CFA, CANEX's lead investor, has increased his ownership in the Company and now owns 10.9% on a partially diluted basisMr. Blair Schultz, Director of the Company has also increased his ownership to 6.3% on a partially diluted basisThe current financing will allow CANEX to significantly expand its exploration efforts while doubling its planned drilling program from 15 to 30 drill holes, allowing further testing of priority exploration and expansion targetsThe Company is very pleased to announce Mr. Michael Gentile, CFA, has increased his percentage ownership in the Company and remains a strong supporter with 10.9% ownership. Mr. Blair Schultz, Director of the Company has increased his ownership from 5.3% to 6.3%. Insiders now own 21.1% of the Company on a partially diluted basis.Terms of FinancingThe non-brokered private placement consisted of 10,000,000 Shares (\"Shares\") at a price of $0.06 per Common Unit for gross proceeds of $600,000.The Shares were offered to accredited investors and all securities issued under the offering will be subject to a hold period of four months plus one day or until August 4, 2023. No finder fees were paid in connection with the financing.In connection with the Private Placement, insiders purchased a total of 3,430,500 Shares. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Pl...