CANTEX ANNOUNCES CLOSING OF C$2.4 MILLION FINANCING

About this update from Cantex Mine Development Corp.

[{"type":"text","content":"\n\n\n Jul. 6, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nKELOWNA, BC, July 6, 2011 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (the "Company") is pleased to announce, further to its news\n release of June 29, 2011, the closing of its non-brokered private\n placement financing (the "Offering"). The Company raised C$2,400,000\n through the issuance of 36,923,077 flow-through shares at a price of\n C$0.065 per share. Insiders of the Company subscribed for an aggregate\n of 7,248,077 shares.\n\n\nThere were no agents' commissions or other compensation paid in\n connection with the Offering.\n\n\nAll securities issued pursuant to the Offering are subject to a four\n month hold period expiring November 1, 2011.\n\n\nThe proceeds from the issuance of the flow-through shares shall be used\n to finance an exploration program focused the Company's gold claims in\n the Yukon Territory and will qualify as Canadian exploration expenses\n (as defined in the Income Tax Act) that will be renounced to the\n investors.\n\n\nNeither the TSX Venture Exchange nor its Regulation Services Provider\n (as that term is defined in the policies of the TSX Venture Exchange)\n accepts responsibility for the adequacy or accuracy of this release.\n\n\n\n\n Chad Ulansky, President & CEO (250) 860 - 8582 [email protected] \n\n","length":2470,"tagName":"div"}]

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