KELOWNA, BC, July 10, 2013 /CNW/ - Cantex Mine Development Corp. (CD : TSXV) (the "Company") announces that, further to its news release
of June 21, 2013, it has issued 14,066,162 shares of the Company to
Kel-Ex Development Ltd. ("Kel-Ex"), a company controlled by Dr. Charles
Fipke, the Chairman of the Company, in settlement of $1,547,278 owing
by the Company to Kel-Ex. The shares issued are subject to a hold
period expiring November 10, 2013.
The Company is proceeding with a private placement of its securities so
as to raise up to $3,000,000 (the "Offering"). The Offering is to be a
combination of flow-through shares at a price of $0.11 per share and
non flow-through units at a price of $0.11 per unit, with each unit
comprised of one share and one share purchase warrant entitling the
holder to acquire a further share at a price of $0.15 for a term of
five years, subject to an earlier expiry in circumstances where, at any
time following six months from closing, the closing price of the common
shares of the Company is $0.30 or greater for a period of 20
consecutive trading days.
The Company may pay a finder's fee in connection with the Offering in
accordance with the policies of the TSX Venture Exchange.
Proceeds from the Offering are to be used to define drill targets and to
commence drilling on the Company's seven claims groups located in
central Yukon, and for general working capital purposes.
The Offering remains subject to the acceptance of the TSX Venture
President & CEO
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.
For further information:
Cantex Mine Development Corp, Tel: +250-860-8582, Email: email@example.com