Cantex Announces Closing of Private Placement
July 07 2012 - 4:36AM
PR Newswire (Canada)
KELOWNA, BC, July 9, 2012 /CNW/ - Cantex Mine Development Corp.
(the "Company") is pleased to announce, further to its news release
of June 22, 2012, the closing of its non-brokered private placement
financing (the "Offering"). The placement, which was over
subscribed, raised a total of $1,761,000 through the issuance of
flow through shares and non-flow through units. The Company raised
$1,336,000 through the issuance of 26,720,000 flow through shares
at $0.05 per share. An additional $425,000 was raised through the
issue of 8,500,000 non-flow through units at $0.05 per unit.
Each unit is comprised of one common share and one warrant, with
each warrant entitling the holder to acquire a further common share
at a price of $0.10 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 $0.25 or greater for a period of 20 consecutive trading days.
Insiders of the Company subscribed for an aggregate of 7,520,000
shares. There were no agents' commissions or other compensation
paid in connection with the Offering. All securities issued
pursuant to the Offering are subject to a four month hold period
expiring November 10, 2012. Proceeds from the issuance of
flow-through shares shall be used to finance an exploration program
focused the Company's gold claims in the Yukon Territory and will
qualify as Canadian exploration expenses (as defined in the Income
Tax Act) that will be renounced to the investors. Recently, strong
uranium and heavy rare earth element anomalies have been identified
from the past season's heavy mineral sampling program in the
Yukon. These anomalies include samples that are moderately to
strongly anomalous in the rare earth elements europium, terbium,
dysprosium, holmium and neodymium. These metals are currently
in demand for their use in many high tech applications and
consequently on a commercial basis command the highest prices of
all the rare earths. 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, Charles Fipke Charles
Fipke Chairman 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. Cantex Mine Development Corp. CONTACT:
Cantex Mine Development Corp., Tel: +250-860-8582,Email:
info@cantex.ca
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