Non-brokered deal finances follow-up sampling, drilling on projects
By Devika Patel
Knoxville, Tenn., June 22 - Cantex Mine Development Corp. said it will raise C$1.6 million in a non-brokered private placement of stock and units.
The company will sell 24 million flow-through common shares at C$0.05 apiece and 8 million units of one common share and one warrant at C$0.05 per unit. Each warrant will be exercisable at C$0.10 for five years.
The price per share is identical to the June 21 closing share price. The strike price reflects a 100% premium to that price.
Proceeds will be used for claims acquisition, follow-up sampling and drilling on the company's projects, as well as for general working capital purposes.
Kelowna, B.C.-based Cantex is a gold, uranium, nickel, copper, cobalt and platinum exploration company.
| Issuer: | Cantex Mine Development Corp.
|
| Issue: | Flow-through common shares, units of one common share and one warrant
|
| Amount: | C$1.6 million
|
| Agent: | Non-brokered
|
| Pricing date: | June 22
|
| Stock symbol: | TSX Venture: CD
|
| Stock price: | C$0.05 at close June 21
|
| Market capitalization: | C$12.99 million
|
|
|
| Shares
|
| Amount: | C$1.2 million
|
| Shares: | 24 million
|
| Price: | C$0.05
|
| Warrants: | No
|
|
|
| Units
|
| Amount: | C$400,000
|
| Units: | 8 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.10
|
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