Cantex Mine closes $1.81M first tranche of financing

Executive Summary

• Cantex Mine Development Corp. closed the first tranche of its non‑brokered private placement, raising approximately $1.82 million in gross proceeds.
• The offering consisted of 4,839,999 charity flow‑through (CFT) units at $0.21 each and 5,731,372 hard units at $0.14 each.
• Proceeds will fund qualified critical‑mineral exploration on the North Rackla project in Yukon and support general corporate operations.

Key Details

• Units sold: 4,839,999 CFT units (each = 1 flow‑through share + 1 non‑flow‑through warrant) at $0.21 per unit.
• Hard units sold: 5,731,372 hard units (each = 1 common share + 1 non‑flow‑through warrant) at $0.14 per unit.
• Total gross proceeds: $1,818,791.87.
• Warrant terms: All warrants (both CFT and hard units) give the holder the right to purchase one common share at $0.21 for a term of three years.
• Related‑party transaction: 0974052 B.C. Ltd., controlled by Chairman Dr. Charles Fipke, subscribed for 3,571,429 units for $500,000, qualifying as an insider participation exempt from valuation and minority‑approval requirements under MI 61‑101.
• Finder’s fees: Paid cash finders’ fees of $36,652 and issued 391,692 non‑transferable finder’s warrants (exercise price $0.21, three‑year term).
• Use of proceeds: To finance qualified critical‑mineral exploration expenditures on the 20,000‑hectare North Rackla project in Yukon and for general corporate operations.
• Exchange condition: Offering remains subject to acceptance by the TSX Venture Exchange.

Notable Quotes

(No direct CEO/President quotes were provided in the release.)