KELOWNA,
BC, Dec. 23, 2024 /CNW/ - Cantex Mine
Development Corp. (TSXV: CD) (OTCQB: CTXDF) (the "Company")
announces it has arranged and plans to close a $600,000 non-brokered private placement.
The Company will receive proceeds of $600,000 from the issuance of 4,000,000 common
flow-through shares (the "FT Shares"), which are being issued at
$0.15 per share ("the
Offering"). The securities issued in the Offering are subject
to a four month hold period, expiring on April 24, 2025.
The Company was charged $36,000 in
finders fees in connection with the Offering. The Company
will also be issuing 200,000 finders warrants; each whole warrant
entitles the holder to acquire one common share of the Company at a
price of $0.15 for a term of two
years from closing.
Proceeds from the Offering will be used to fund qualified
critical mineral exploration expenditures on the Company's North
Rackla project in the Yukon. The Offering remains subject to
the acceptance of the TSX Venture Exchange.
About Cantex
Cantex is focused on its 100% owned 20,000 hectare North Rackla
Project located 150 kilometers northeast of the town of Mayo in the
Yukon Territory, Canada where
high-grade massive sulphide mineralization has been
discovered. Over 60,000 meters of drilling has defined high
grade silver-lead-zinc-germanium mineralization over 2.3 kilometers
of strike length and 700 meters depth. The mineralization
remains open along strike and to depth. The Company is led by
Dr. Charles Fipke, C.M., the founder
of Ekati, Canada's first diamond
mine.
The technical information and results reported here have been
reviewed by Mr. Chad Ulansky
P.Geol., a Qualified Person under National Instrument
43-101, who is responsible for the technical content of this
release.
Signed,
Chad Ulansky
Chad Ulansky
President and CEO
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.
SOURCE Cantex Mine Development Corp.