Mr. Chad Ulansky reports
CANTEX ISSUES SHARES FOR DEBT
Cantex Mine Development Corp., further to its news release
of June 21, 2013, has issued 14,066,162 shares of the company to
Kel-Ex Development Ltd., a company controlled by Dr. Charles
Fipke, the chairman of the company, in settlement of $1,547,278 owing
by the company to Kel-Ex. The shares issued are subject to a hold
period expiring Nov. 10, 2013.
The company is proceeding 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, subject to an earlier expiry in circumstances where, at any
time following six months from closing, the closing price of the common
shares of the company is 30 cents or greater for a period of 20
consecutive trading days.
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.
The offering remains subject to the acceptance of the TSX Venture
Exchange.
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