Business
CANTEX COMMENCES DRILLING AT NORTH RACKLA AND CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT
CANTEX COMMENCES DRILLING AT NORTH RACKLA AND CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT ...
About this update from Cantex Mine Development Corp.
[{"type":"text","content":"\n \n \n \n CANTEX COMMENCES DRILLING AT NORTH RACKLA AND CLOSES FIRST TRANCHE OF PRIVATE PLACEMENT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n KELOWNA, BC\n \n \n ,\n \n \n Oct. 19, 2023\n \n \n /CNW/ -\n \n Cantex Mine Development Corp.\n \n (TSXV: CD) (OTCQB: CTXDF) (the \"Company\") announces that, further to its news release of\n \n September 20, 2023\n \n announcing a private placement (the \"Offering\"), the Company closed the first tranche of the Offering (\"the Tranche\") on\n \n October 17, 2023\n \n and has received\n \n $921,365\n \n by the issuance of 1,424,550 flow through units (the \"FT Units\") and 1,900,000 non flow-through units (the \"Units\"). FT Units were issued at\n \n $0.30\n \n per FT Unit and Units were issued at\n \n $0.26\n \n per Unit; each FT Unit is comprised of a flow through share and one-half of a non-flow through warrant and each Unit is comprised of one non-flow through share and one-half of a warrant. Each whole warrant entitles the holder to acquire one common share of the Company at a price of\n \n $0.39\n \n for a term of two years from closing.\n \n \n \n \n \n \n \n \n \n Proceeds from the Tranche will be used to fund the Company's current drill program on the North Rackla Project in the\n \n Yukon\n \n and for general working capital. The Company is looking forward to closing an upcoming second tranche, which will include the participation of our strategic shareholder, Crescat Capital LLP (\"Crescat\"). Crescat has committed to investing up to\n \n $1,500,000\n \n of the previously announced Offering.\n \n \n The Company was charged\n \n $30,034\n \n in finders fees in connection with the Tranche and issued 98,704 finders warrants; the finders warrants have the same terms and conditions as the warrants issued in the Offering.\n \n \n The securities issued in the Offering, including the finder's warrants, are subject to a four month hold period, expiring on\n \n February 18, 2024\n \n .\n \n \n \n Update on North Rackla Project\n \n \n \n Cantex is pleased to announce that...