Mr. Chad Ulansky reports

CANTEX CLOSES SECOND TRANCHE OF PRIVATE PLACEMENT

Cantex Mine Development Corp. has closed the second tranche of its financing.

Further to its news releases of Dec. 5, 2023, and Dec. 7, 2023, announcing a private placement and the close of the first tranche, the company has closed the second tranche of the offering and has received proceeds of $1.13-million by the issuance of 3.1 million flow-through (FT) units and 769,231 non-flow-through units. FT units were issued at 30 cents per FT unit and units were issued at 26 cents per unit; each FT unit comprises a flow-through share and one-half of a non-flow-through warrant, and each unit comprises one non-flow-through share and one-half of a warrant. Each whole warrant entitles the holder to acquire one common share of the company at a price of 39 cents for a term of two years from closing.

Included in the second tranche is an investment by Rob McEwen, though an entity controlled by him. With this placement, he brings his shareholding in Cantex to over 4.6 million shares.

Proceeds from the second tranche will be used to finance the company's North Rackla project in Yukon and for general working capital.

The company was charged $65,100 in finders' fees in connection with the second tranche, which was paid in cash; the company also issued 217,000 finders' warrants, which have the same terms and conditions as the warrants issued in the offering. All warrants issued as part of the finders' fees are non-transferable.

The securities issued in the second tranche are subject to a four-month hold period expiring on April 16, 2024.

The company is looking forward to closing the final tranche of the offering in the near future.

About Cantex Mine Development Corp.

Cantex is focused on its 100-per-cent-owned, 20,000-hectare North Rackla project, located 150 kilometres northeast of the town of Mayo in Yukon, Canada, where significant massive sulphide mineralization has been discovered. Over 60,000 metres of drilling has defined high-grade silver-lead-zinc-germanium mineralization over 2.3 kilometres of strike length and a depth of more than 700 metres. The mineralization remains open along strike and to depth. The company is led by Dr. Fipke, CM, the founder of Ekati, Canada's first diamond mine.

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