Deal's proceeds used to define drill targets, begin drilling in Yukon
By Devika Patel
Knoxville, Tenn., June 21 - Cantex Mine Development Corp. said it will raise C$3 million in a private placement of stock and units.
The company will sell flow-through common shares at C$0.11 apiece and units of one common share and one warrant at C$0.11 per unit. Each warrant will be exercisable at C$0.15 for five years.
The price per share is a 26.67% discount to the June 20 closing share price of C$0.15. The strike price is identical to that price.
Proceeds will be used to define drill targets, begin drilling on the company's seven claims groups in central Yukon and 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
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| Amount: | C$3 million
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| Price: | C$0.11
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| Pricing date: | June 21
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| Stock symbol: | TSX Venture: CD
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| Stock price: | C$0.15 at close June 20
|
| Market capitalization: | C$4.07 million
|
|
|
| Shares
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| Warrants: | No
|
|
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| Units
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$0.15
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