/NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
VANCOUVER, Sept. 10, 2019 /CNW/ - Callinex Mines Inc. (the
"Company" or "Callinex") (TSXV: CNX) (OTC: CLLXF) is pleased to
announce that it intends to complete a non-brokered private
placement (the "Offering") of up to 2,000,000 units (a "Unit") at a
price of $0.50 per Unit for gross
proceeds of up to $1,000,000.
Each Unit will consist of one flow-through common share and
one-half of one non-flow-through share purchase warrant (a
"Warrant"), with each whole Warrant entitling the holder to
purchase one additional share at a price of $1.00 per share for a period of two years from
the date of issue.
The proceeds of the Offering will be used to conduct exploration
activities on its exploration portfolio in the Flin Flon and Bathurst mining districts.
Callinex anticipates that insiders will subscribe for a total of
240,000 Units for total proceeds of $120,000. The issuance of Units to insiders
is considered a related party transaction subject to Multilateral
Instrument 61-101. Callinex intends to rely on exemptions
from the formal valuation and minority shareholder approval
requirements provided under sections 5.5(a) and 5.7(a) of
Multilateral Instrument 61-101 on the basis that the participation
in the private placement by the insiders will not exceed 25% of the
fair market value of the Company's market capitalization.
All securities issued under the Offering will be subject to a
four-month hold period from the date of completion.
Callinex also announces that it has granted a total of 565,000
stock options to its directors, officers, employees and
consultants. The stock options have a five year term, are
exercisable at $0.50 per share and
subject to certain vesting requirements.
This press release is not an offer of securities for sale in
the United States. The securities
described in this press release have not been registered under the
U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States or to,
or for the account or benefit of, U.S. persons (as defined in
Regulation S under the U.S. Securities Act of 1933, as amended)
absent registration or an exemption from registration. This press
release shall not constitute an offer to sell or a solicitation of
an offer to buy nor shall there be any sale of the securities in
any jurisdiction where such offer, solicitation, or sale would be
unlawful.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its
portfolio of zinc rich deposits located in established Canadian
mining jurisdictions. The portfolio is highlighted by its
Nash Creek and Superjack deposits
in the Bathurst Mining District of New
Brunswick. A 2018 PEA outlined a mine plan that generates a
strong economic return with a pre-tax IRR of a 34.1% (25.2%
post-tax) and NPV8% of $230 million
($128 million post-tax). The projects
have significant exploration upside over a district-scale land
package that encompasses several high-grade mineral occurrences
along a 20 km trend. Click here to view a video
overview of the Nash Creek Project.
Neither the 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.
Some statements in this news release contain forward-looking
information. These statements include, but are not limited to,
statements with respect to future expenditures. These statements
address future events and conditions and, as such, involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the statements. Except as required under
applicable securities laws, Callinex does not assume the obligation
to update any forward-looking statement.
SOURCE Callinex Mines Inc.