Business
CANEX Revises Equity Financing and Provides Exploration Update
Not for Distribution to U.S. Newswire Services or For Dissemination in the United States. an...
About this update from Canex Metals Inc
[{"type":"text","content":"CANEX Revises Equity Financing and Provides Exploration UpdateNot for Distribution to U.S. Newswire Services or For Dissemination in the United States. any Failure to Comply with this Restriction may Constitute a Violation of U.S. Securities Law. CALGARY, AB / ACCESSWIRE / March 27, 2020 / CANEX Metals Inc. (TSXV:CANX) (\"CANEX\" or the \"Company\") announces that it has amended its non brokered private placement originally announced on February 26, 2020, in order to reflect current market conditions.The revised private placement will consist of up to 5,555,555 shares (\"Common Shares\") at a price of $0.09 per Common Share for gross proceeds of up to $500,000. The shares will be offered on a non-brokered basis by way of private placement to accredited investors and any securities issued will be subject to a hold period of four months plus one day from the date of closing. This financing is subject to TSX Venture Exchange and regulatory approval. Proceeds of the financing will be used to further explore the Gold Range Property, to evaluate additional exploration opportunities, and for general working capital.Exploration UpdateIn February and March the Company conducted mapping and sampling programs at Gold Range in preparation for a final trenching program prior to selecting drill targets. The March program was ended prior to completion to comply with health and travel advisories related to the coronavirus pandemic. The Company intends to continue exploration at Gold Range once travel restrictions are lifted and work can resume in the area.Results of sampling and mapping completed to date will be released once they are received and interpreted. The Company will utilize the current hiatus in exploration to compile and prioritize exploration targets at Gold Range and evaluate new opportunities.About the Gold Range PropertyThe Gold Range Property is located in Northern Arizona within an area that has seen historic lode and placer gold production but limited systematic modern lode gold exploration. Fieldwork by the Company has identified numerous gold exploration targets on the property with grab samples from outcropping quartz veins returning multiple values in the 20 to 40 g/t gold range, and chip sampling returning values of 31.7 g/t gold over 1 metre, 24.3 g/t gold over 1.5 metres, 28.1 g/t gold over 1 metre, 17.2 g/t over 1.1 m...