Callinex Mines Increases Private Placement Financing to $6.24 Million
Callinex Mines Inc. (OTC: CLLXF) has announced an increase in its non-brokered private placement from C$4.22 million to C$6.24 million due to strong demand. The funds will support ongoing drilling at the Rainbow Deposit in Pine Bay, Manitoba. The private placement includes up to 453,446 hard dollar units priced at C$3.11 each and 966,000 flow-through units at C$5.00 each. The Offering's gross proceeds will finance eligible exploration expenses and general corporate costs, with warrants exercisable at C$4.75 for two years.
- Increased private placement from C$4.22 million to C$6.24 million.
- Funds will be allocated to ongoing drilling at the Rainbow Deposit.
- Offering includes hard dollar units priced at C$3.11 and flow-through units at C$5.00.
- None.
VANCOUVER, BC, April 12, 2022 /PRNewswire/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) is pleased to announce that, due to strong demand, it has increased the size of its previously announced non-brokered private placement (See News Release dated March 30, 2022) from C
The Offering will now consist of (i) up to 453,446 hard dollar units (the "HD Units") at a price of C
Each HD Unit shall continue to consist of one common share and one-half of one transferable common share purchase warrant (each whole such common share purchase warrant, a "Warrant"). Each FT Unit shall consist of one flow-through common share and one-half of one transferrable Warrant to be issued on a non-flow-through basis. Each Warrant shall be exercisable into one additional common share (a "Warrant Share") for two (2) years from closing at an exercise price of C
The Warrants will be subject to an acceleration cause whereby if at any time the volume-weighted average trading price of the common shares exceeds C
The Company will pay finders a fee consisting of a cash and/or share purchase warrants of the Company.
The gross proceeds from the sale of FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Pine Bay Project, Manitoba. All Qualifying Expenditures will be renounced in favour of the subscribers of the Flow-Through Shares effective December 31, 2022. The net proceeds from the sale of the HD Units will be used by the Company for working capital and general corporate purposes.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Callinex Mines Inc. (TSXV: CNX) (OTC: CLLXF) is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The focus of the portfolio is highlighted by the rapidly expanding Rainbow Discovery at its rich VMS Pine Bay Project located near existing infrastructure in the Flin Flon Mining District. The second asset in the portfolio is the Nash Creek Project located in the VMS rich Bathurst Mining District of New Brunswick. A 2018 PEA generates a strong economic return with a pre-tax IRR of
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. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.
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SOURCE Callinex Mines Inc.
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