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File: Cantex - NR  PP Closing - CBB Comments.DOCX

Cantex Mine Development Corp.
Cantex Mine Development Corp.
203 - 1634 Harvey Ave.
Kelowna, BC   V1Y 6G2
250.860.8582
www.cantex.ca


CANTEX ANNOUNCES CLOSING OF $12 MILLION PRIVATE PLACEMENT OF FLOW-THROUGH SHARES
Kelowna, BC -August 22, 2019 - Cantex Mine Development Corp. (the "Company") (TSXV: CD).  Further to its news release 
--->of August 1, 2019, the Company is pleased to announce the closing (the "Closing") of its "bought deal" private placeme
--->nt (the "Offering") resulting in gross proceeds of $12,005,160, which includes the exercise in full of the underwriter
--->s' option of $2,000,000. At Closing the Company issued 1,083,000 charity flow-through common shares at a price of $6.5
--->2 per share and a further 824,000 flow-through common shares at a price of $6.00 per share. All flow-through common sh
--->ares issued under the Offering are subject to a four month hold period expiring December 23, 2019.
In connection with the Offering, the Company paid a cash commission to the co-lead underwriters of the Offering, being
---> Canaccord Genuity Corp. and Leede Jones Gable Inc., equal to 6% of the gross proceeds of the Offering (other than in 
--->respect of sales to certain president's list subscribers, which a cash commission of 3% was paid). 
Gross proceeds from the Offering will be used by the Company to incur eligible "Canadian exploration expenses" that wi
--->ll quality as "flow-through mining expenditures", as such terms are defined in the Income Tax Act (Canada). All qualif
--->ying expenditures will be renounced in favour of the subscribers of the flow-through common shares effective December 
--->31, 2019. The Offering is subject to final acceptance of the TSX Venture Exchange. 

For further information:  Cantex Mine Development Corp,  Tel: +250-860-8582; Email: info@cantex.ca

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX 
--->Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 

Cautionary Note Regarding Forward{{‐ ‐} ‐}Looking Information 

This news release contains "forward{{‐ ‐} ‐}looking information" within the meaning of the applicable Cana
--->dian securities legislation that is based on expectations, estimates, projections and interpretations as at the date o
--->f this news release. The information in this news release about the Offering, the use of the proceeds from the Offerin
--->g, the final acceptance of the TSX Venture Exchange, if at all; the tax treatment of the flow-through common shares; t
--->he timing of the renounce of the qualifying expenditures in favor of the subscribers, if at all, and any other informa
--->tion herein that is not a historical fact may be "forward{{‐ ‐} ‐}looking information". Any statement that
---> involves discussions with respect to predictions, expectations, interpretations, beliefs, plans, projections, objecti
--->ves, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not exp
--->ect", "is expected", "interpreted", "management's view", "anticipates" or "does not anticipate", "plans", "budget", "s
--->cheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that c
--->ertain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are n
--->ot statements of historical fact and may be forward{{‐ ‐} ‐}looking information and are intended to identi
--->fy forward{{‐ ‐} ‐}looking information. This forward{{‐ ‐} ‐} looking information is based on 
--->reasonable assumptions and estimates of management of the Company, at the time such assumptions and estimates were mad
--->e, and involves known and unknown risks, uncertainties or other factors which may cause the actual results, performanc
--->e or achievements of the Company to be materially different from any future results, performance or achievements expre
--->ssed or implied by such forward{{‐ ‐} ‐}looking information. Such factors include, among others, risks rel
--->ating to the Offering; volatility in the trading price of common shares of the Company; ability of the Company to comp
--->lete further exploration activities; property interests; the results of exploration activities; risks relating to mini
--->ng activities; the global economic climate; metal prices; dilution; environmental risks changes in the tax and regulat
--->ory regime; and community and non{{‐ ‐} ‐}governmental actions. Although the forward{{‐ ‐} ‐}l
--->ooking information contained in this news release is based upon what management believes, or believed at the time, to 
--->be reasonable assumptions, the Company cannot guarantee shareholders and purchasers of securities of the Company that 
--->actual results will be consistent with such forward{{‐ ‐} ‐}looking information, as there may be other fac
--->tors that cause results not to be as anticipated, estimated or intended, and neither Company nor any other person assu
--->mes responsibility for the accuracy and completeness of any such forward looking information. Company does not underta
--->ke, and assumes no obligation, to update or revise any such forward looking statements or forward{{‐ ‐} ‐}
---> looking information contained herein to reflect new events or circumstances, except as may be required by law.