Mr. Charles Fipke
reports
CANTEX MINE DEVELOPMENT CORP. - PRIVATE PLACEMENT OF SECURITIES
Cantex Mine Development Corp. intends to
proceed with a private placement of its securities so as to raise up to
$3-million. The offering is to be a combination of
flow-through shares at a price of 11 cents per share and non-flow-through
units at a price of 11 cents per unit, with each unit comprising one
share and one share purchase warrant entitling the holder to acquire a
further share at a price of 15 cents for a term of five years.
The company may pay a finder's fee in connection with the offering in
accordance with the policies of the TSX Venture Exchange.
Proceeds from the offering are to be used to define drill targets and to
commence drilling on the company's seven claims groups located in
central Yukon and for general working capital purposes.
As previously disclosed by the company, the claims groups host
predominant areas within the claims with anomalous key heavy mineral
pathfinder results indicative of Carlin-type mines and deposits in
Nevada and the Yukon. In particular, gold and key pathfinder elements
are exceedingly anomalous in at least one of the claims groups in
magnitudes compared with those obtained downstream from the Carlin mine
in Nevada.
In conjunction with the proposed offering, Dr. Charles Fipke, the
chairman and control person of the company, has agreed to settle
$1.6-million of indebtedness due to him by the company by the issuance of
shares of the company at a deemed price of 11 cents per share.
The offering and the debt settlement remain subject to the acceptance of
the TSX-V.
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