Cantex Mine closes $5.28-million private placement

Executive Summary

• Cantex Mine Development Corp. closed an oversubscribed non‑brokered private placement, raising $5.28 million in gross proceeds.
• The offering consisted of 21,333,332 charity flow‑through (CFT) units at $0.21 and 5,731,372 hard units at $0.14, each unit including a common share and a non‑flow‑through warrant.
• Proceeds will fund the company’s summer drill program at North Rackla and testing of new targets at the Copper project.

Key Details

• Total gross proceeds: $5,282,391.80.
• Units sold:
• Charity Flow‑Through (CFT) units – 21,333,332 units @ $0.21 each.
• Hard units – 5,731,372 units @ $0.14 each.
• Unit composition:
• Each CFT unit = 1 flow‑through share + 1 non‑flow‑through warrant.
• Each hard unit = 1 common share + 1 non‑flow‑through warrant.
• Warrant terms: Whole warrants allow purchase of one common share at $0.21 for a term of three years.
• Finder’s fees: $151,969 paid; $36,652 in cash and $115,317 settled by issuing 823,696 units @ $0.14 each. Additionally, 1,067,996 non‑transferable finder warrants issued (each exercisable at $0.21 for three years).
• Use of proceeds: Funding the summer drilling program at North Rackla (already commenced) and testing new targets at the Copper project (previously intersected up to 7.32 % Cu).
• Hold period: Securities subject to a four‑month hold, expiring December 15, 2025.
• Key investors: Crescat Capital and Rob McEwen increased their investments in this placement.

Notable Quotes

(No direct quotes were provided in the release.)