Canex Announces $500,000 Equity Financing

Rhea-AI Summary

CANEX Metals Inc. has announced a non-brokered private placement to raise up to $500,000 by offering 8,333,333 shares at $0.06 each. The shares will be available to accredited investors and will have a hold period of four months plus one day post-closing. Proceeds will be utilized for drilling and exploring the Gold Range Property and general working capital. The Gold Range project, located in Northern Arizona, is a promising oxide-gold target with notable drilling results including 1 g/t gold over 59.5 metres. The financing is pending regulatory approval.

Positive

• Raising up to $500,000 through a non-brokered private placement.
• Strong drilling results at Gold Range project indicating significant gold potential.
• Experienced management team with a history of successful discoveries.

Negative

• None.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

CALGARY, AB / ACCESSWIRE / March 15, 2023 / CANEX Metals Inc. ("CANEX" or the "Company") is pleased to announce a non-brokered private placement of up to 8,333,333 shares ("Common Shares") at a price of $0.06 per Common Share for gross proceeds of up to $500,000.

The shares will be offered on a non-brokered basis by way of private placement to accredited investors and any securities issued will be subject to a hold period of four months plus one day from the date of closing. This financing is subject to TSX Venture Exchange and regulatory approval. Proceeds of the financing will be used to drill test and further explore the Gold Range Property and for general working capital. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Placement does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101. No commissions will be paid to Agents on the financing.

About Gold Range

The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of strike length along a highly prospective district scale structure where mineralization is being defined through surface sampling, mapping, and reverse circulation drilling. The main exploration target defined by surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.

About CANEX Metals

CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company with a new gold discovery at the Gold Range Project in Northern Arizona, and high grade silver and gold mineralization at the Gibson property in British Columbia. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS) a large shareholder of the Company.

Dr. Shane Ebert P.Geo., is the Qualified Person for CANEX Metals and has approved the technical disclosure contained in this news release.

"Shane Ebert",

Shane Ebert
President/Director

For Further Information Contact:

Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca

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.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of CANEX Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.

SOURCE: CANEX Metals Inc.

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FAQ

What is the purpose of CANEX Metals' private placement?

The private placement aims to raise up to $500,000 for drilling and exploring the Gold Range Property, along with general working capital.

What are the terms of the CANEX Metals private placement?

CANEX Metals is offering up to 8,333,333 shares at $0.06 each, with a hold period of four months plus one day after closing.

What results have been achieved at the Gold Range project?

Drilling at the Gold Range project has revealed strong results, including 1 g/t gold over 59.5 metres.

When was the private placement by CANEX Metals announced?

The private placement was announced on March 15, 2023.

What is the stock symbol for CANEX Metals?

The stock symbol for CANEX Metals is CANX.