Cantex Announces Commencement of Drilling, Private Placement

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Club
$299/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Cantex Announces Commencement of Drilling, Private Placement

Canada NewsWire

KELOWNA, BC, Oct. 18, 2016 /CNW/ - Cantex Mine Development Corp. (CD: TSXV) (the "Company")  Further to its news release of October 11, 2016 the Company announces that, weather permitting, drilling will commence on its North Rackla Project in the Yukon within the next two days.

The Company also announces that it intends to proceed with a private placement of its securities so as to raise up to $1,000,000 (the "Offering"). The Offering will be comprised of a combination of flow through shares (the "FT Shares") at $0.07 per FT Share and non-flow through units (the "Units") at a price of $0.07 per Unit.

Each Unit will consist of one non flow-through common share (a "Share") and one half of a common share purchase warrant in the capital of the Company (each whole warrant, a "Warrant").  Each Warrant is exercisable into one Share for a period of 24 months from closing at a price of $0.10 per Share.

Proceeds of the Offering will be used on the Company's North Rackla Project and for general working capital.

The Offering remains subject to the acceptance of the TSX Venture Exchange.

Signed,

Charles Fipke

Charles Fipke
Chairman

Neither 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.

SOURCE Cantex Mine Development Corp.

Copyright CNW Group 2016

Comment On!

140
Upload limit is up to 1mb only
To post messages to your Socail Media account, you must first give authorization from the websites. Select the platform you wish to connect your account to CanadianInsider.com (via Easy Blurb).