CANEX Announces Equity Financing To Advance Copper-Gold Exploration at Louise
CANEX Metals Inc. (NOMNF) has announced a non-brokered private placement to raise up to $300,000 for advancing copper-gold exploration at its Louise property in British Columbia. The financing will consist of up to 777,778 common shares at $0.045 and up to 4,416,667 flow-through common shares at $0.06.
The funds will primarily support a modern deep-looking induced polarization survey to explore the Louise copper-gold porphyry system across 6 to 7 kilometres of strike length and depths up to 1000 metres. The Louise porphyry hosts a copper-gold deposit drill-defined over an area 1000 meters long by 400 meters wide and to approximately 300 meters depth, with notable grades including 158 metres grading 0.41% copper and 0.40 g/t gold in hole LL04-03.
Proceeds from the flow-through shares will be used for Canadian exploration expenses at the Louise Property, qualifying as critical mineral flow-through mining expenditures. Non-flow-through proceeds will advance the Company's Gold Range Project and general working capital.
- Raising up to $300,000 to fund exploration at Louise copper-gold property
- Planning modern deep-looking induced polarization survey to assess district potential
- Louise porphyry system shows strong grades (e.g., 158m @ 0.41% Cu and 0.40 g/t Au)
- Potential shareholder dilution due to issuance of new shares
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CALGARY, AB / ACCESSWIRE / October 17, 2024 / CANEX Metals Inc. ("CANEX" or the "Company") is pleased to announce a measured financing intended primarily to fund exploration work at the Louise copper-gold porphyry system in British Columbia. The Louise porphyry hosts a copper-gold deposit that has been drill defined over an area 1000 meters long by 400 meters wide and to approximately 300 meters depth. Strong grades occur in the system highlighted by hold LL04-03 which returned 158 metres grading
The Company will undertake a non-brokered private placement to raise gross proceeds of up to
Proceeds from the FT Shares will be used before December 2025 for general exploration expenditures at the Louise Property which will constitute Canadian exploration expenses within the meaning of subsection 66.1(6) of the Income Tax Act (Canada) (the "Tax Act"), that will qualify as "critical mineral flow through mining expenditures" within the meaning of the Tax Act. Proceeds from non-flow through Common Shares will be used to advance the Company's Gold Range Project and for general working capital.
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. 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
About CANEX Metals
CANEX Metals (TSXV:CANX) is a Canadian junior exploration company focused on advancing it's
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.
View the original press release on accesswire.com
FAQ
What is the purpose of CANEX Metals' (NOMNF) equity financing announced on October 17, 2024?
How much is CANEX Metals (NOMNF) planning to raise through the private placement?
What are the terms of CANEX Metals' (NOMNF) private placement announced on October 17, 2024?