CANEX Closes Final Tranche of Equity Financing
CANEX Metals has completed the final tranche of its non-brokered private placement, raising gross proceeds of $437,000. The financing consisted of 3,000,000 common shares at $0.045 per share and 5,033,365 flow-through shares at $0.06 per share. The proceeds will advance the Louise copper-gold porphyry project in British Columbia and the Gold Range oxide gold project in Arizona. The company highlighted strong insider participation at 9.2% and granted 5,200,000 incentive stock options at $0.05 per share. The financing was completed at a premium to market price without warrants.
CANEX Metals ha completato l'ultima tranche del suo collocamento privato non intermediato, raccogliendo proventi lordi di 437.000 dollari. Il finanziamento consisteva in 3.000.000 di azioni ordinarie a 0,045 dollari per azione e 5.033.365 azioni flow-through a 0,06 dollari per azione. I fondi saranno destinati al progetto porfirico di rame-oro Louise in Columbia Britannica e al progetto oro ossidato Gold Range in Arizona. L'azienda ha evidenziato una forte partecipazione da parte degli insider, pari al 9,2%, e ha concesso 5.200.000 opzioni su azioni incentivanti a 0,05 dollari per azione. Il finanziamento è stato completato con un premio rispetto al prezzo di mercato, senza warrant.
CANEX Metals ha completado la última tranche de su colocación privada no intervenida, recaudando ingresos brutos de 437.000 dólares. El financiamiento consistió en 3.000.000 de acciones comunes a 0,045 dólares por acción y 5.033.365 acciones flow-through a 0,06 dólares por acción. Los ingresos se destinarán al proyecto porfirio de cobre-oro Louise en Columbia Británica y al proyecto de oro oxídico Gold Range en Arizona. La compañía destacó una fuerte participación de los insiders del 9,2% y otorgó 5.200.000 opciones sobre acciones incentivadas a 0,05 dólares por acción. El financiamiento se completó a un precio superior al de mercado, sin warrants.
CANEX Metals는 중개인 없는 사모 배치의 최종 분배를 완료하고 총 437,000 달러의 수익을 올렸습니다. 이 자금 조달은 주당 0.045달러로 3,000,000주와 주당 0.06달러로 5,033,365주의 유동 주식으로 구성되었습니다. 수익금은 브리티시컬럼비아의 루이즈 구리-금 포르프리 프로젝트와 아리조나의 골드 레인지 산화 금 프로젝트에 사용될 예정입니다. 이 회사는 9.2%의 강한 내부 참여를 강조하며 주당 0.05달러에 5,200,000개의 유인 주식 옵션을 부여했습니다. 자금 조달은 보증 없는 시장 가격의 프리미엄으로 완료되었습니다.
CANEX Metals a terminé la dernière tranche de son placement privé non-intermédié, levant des recettes brutes de 437 000 $. Le financement consistait en 3 000 000 d'actions ordinaires à 0,045 $ par action et 5 033 365 d'actions flow-through à 0,06 $ par action. Les recettes serviront à faire avancer le projet porphyre de cuivre-or Louise en Colombie-Britannique et le projet d'or oxydé Gold Range en Arizona. La société a souligné une forte participation interne de 9,2 % et a accordé 5 200 000 options d'achat d'actions incitatives à 0,05 $ par action. Le financement a été réalisé à une prime par rapport au prix du marché sans bons de souscription.
CANEX Metals hat die letzte Tranche seiner nicht vermittelten Privatplatzierung abgeschlossen und brutto 437.000 USD eingenommen. Die Finanzierung umfasste 3.000.000 Stammaktien zu je 0,045 USD pro Aktie und 5.033.365 Flow-Through-Aktien zu je 0,06 USD pro Aktie. Die Mittel werden zur Entwicklung des Louise Kupfer-Gold Porphyrprojekts in British Columbia und des Gold Range Oxidgoldprojekts in Arizona verwendet. Das Unternehmen hob eine starke Insider-Beteiligung von 9,2% hervor und gewährte 5.200.000 Incentive-Aktienoptionen zu je 0,05 USD pro Aktie. Die Finanzierung wurde zu einem Aufpreis auf den Marktpreis ohne Warrants abgeschlossen.
- Raised $437,000 in gross proceeds
- Financing completed at premium to market price
- Strong insider participation at 9.2%
- No warrants issued, preventing future dilution
- Dilution of existing shareholders through new share issuance
- Stock options grant of 5.2M shares could lead to additional dilution
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
CALGARY, AB / ACCESSWIRE / November 25, 2024 / CANEX Metals Inc. ("CANEX" or the "Company") is pleased to announce it has closed the second and final tranche of its previously announced non-brokered private placement. The Company will use the proceeds of the financing to advance the Louise copper-gold porphyry project in British Columbia and the Gold Range oxide gold project in northern Arizona.
Highlights
Strong investor support to allow CANEX to conduct low-cost drill targeting at the large Louise copper-gold porphyry system in British Columbia
Funds will allow additional advancement of the Gold Range project in Arizona focusing on expanding the 4-km long prospective oxide gold trend
The financing was done at a premium to current market price and with no warrant, highlighting the strong potential of the Company's projects
There was strong insider participation with insiders taking
9.2% of the financing
Terms of the Financing
The total non-brokered private placement consisted of 3,000,000 common shares ("Common Shares") and 5,033,365 flow-through common shares ("FT Shares") for gross proceeds of
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.
All securities issued in connection with this tranche of the Offering are subject to a four month hold period and no finder's fees were paid in connection with the Offering.
Insiders purchased a total of 111,108 Common Shares and 583,335 FT Shares. 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
Incentive Stock Options
The Company has granted, pursuant to its stock option plan, a total of 5,200,000 incentive stock options to existing directors, officers, and consultants of the Company. The options are exercisable at a price of
About CANEX Metals
CANEX Metals (TSX.V: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
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