Business
Cantex Mine Development C$1.6 Million Private Placement
KELOWNA, BC, Nov. 15, 2022 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (the "Company") is pleased to announce a fully subscribed non-brokered private place
About this update from Cantex Mine Development Corp.
[{"type":"text","content":" KELOWNA, BC, Nov. 15, 2022 /CNW/ - Cantex Mine Development Corp. (TSXV: CD) (the \"Company\") is pleased to announce a fully subscribed non-brokered private placement to raise gross proceeds of $1,600,000 (the \"Offering\"). The offering is expected to close on November 18, 2022. The Offering will be comprised of a combination of flow through units (\"FT units\") and non-flow through units (\"Units\"). The FT units will be priced at $0.27 per unit, with each FT unit comprised of one flow through share and one-half warrant; the Units will be priced at $0.25 per unit, with each Unit comprised of one non-flow through share and one-half warrant. Each whole warrant issued in connection with either the FT Units or the Units entitles the holder to acquire a non-flow through share at a price of $0.35 for a term of two years. The Company may pay finder's fees in connection with the Offering in accordance with the policies of the TSX Venture Exchange. Proceeds from the Offering will be used to fund the upcoming drill program on the Company's North Rackla project in the Yukon and for general working capital. This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the \"U.S. Securities Act\") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. The securities issued pursuant to the Offering will be subject to a four month hold period from the date of issue of the units. The Offering remains subject to the acceptance of the TSX Venture Exchange. Signed, Charles Fipke Charles Fipke Chairman FORWARD LOOKING STATEMENTS: Certain of the statements and information in this press release constitute \"forward-looking statements\" or \"forward-looking information\", including statements regarding the expected use of proceeds of the private placement. Further, any statements or information that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events o...