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CANEX Signs Letter of Intent to Acquire a High Grade Gold Discovery in Arizona and Announces Financing
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 Signs Letter of Intent to Acquire a High Grade Gold Discovery in Arizona and Announces FinancingNot 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 / May 22, 2019 / CANEX Metals Inc. (\"CANEX\" or the \"Company\") is pleased to announce it has signed a letter of intent with a US based prospector (the \"Vendor\") to acquire a 100% interest in the Gold Range Property located in northern Arizona, USA. The Gold Range Property is located in Northern Arizona within a district that has seen considerable lode and placer gold exploration and mining. Earlier this year the Vendor discovered a quartz vein containing abundant visible gold on the Gold Range Property. The discovery was made using a hand held metal detector and occurs within bedrock concealed under 30 cm of soil cover. The discovery occurs near the top of a rounded hill in an area with shallow bedrock and is amenable to low cost surface exploration methods including soil sampling and trenching. The in situ occurrence contains quartz with abundant gold, although the current poor exposure does not allow an assessment of the size, orientation, or controls on the zone. Within the next few weeks CANEX intends to initiate a surface exploration program focused on defining and tracing the new gold-quartz discovery and identifying additional mineralized zones in the immediate area. Permitting will be initiated shortly to allow for trenching and exposing of the new discovery and for exploration of the larger property. Terms of the AgreementThe Agreement gives CANEX the exclusive right, at its election, to acquire a 100% interest in the Gold Range Property from the Vendor by making staged cash payments over 4 years totaling US$90,000 and completing exploration expenditures of US$80,000. The Vendor will retain a 2% net smelter royalty, half of which can be bought back by CANEX for US$500,000, and the remaining half can be bought back for an additional US$1,000,000. A definitive agreement will be prepared and entered into between CANEX and the Vendor. FinancingCANEX is pleased to announce a non-brokered private placement of up to 4,000,000 units (\"Common Units\") at a price of $0.05 per Common Unit for gross proceeds of up to $20...