VANCOUVER, Feb. 27, 2018 /CNW/ - Callinex Mines Inc. (the "Company" or "Callinex") (TSX-V: CNX; OTCQX: CLLXF) is pleased to announce that it has closed its previously announced non-brokered private placement financing (See News Release dated February 14, 2018 and February 26, 2018) to issue 5,709,170 flow-through shares at a price per share of $0.40 for gross proceeds of CAD $2.3 million (the "Offering").
The net proceeds of the Offering will be used to conduct exploration activities on its portfolio of zinc-rich assets in the Bathurst and Flin Flon mining districts. It is anticipated the proceeds will be primarily allocated towards advancing the Company's 100% owned Nash Creek and Superjack projects within the Bathurst Mining District of New Brunswick.
The Nash Creek Deposit is located approximately 1 km from Provincial Highway 11, high-voltage transmission lines and only 25 km by road to Glencore's Brunswick Smelter, deep water port, railway and power plant near the town of Belledune. The Company anticipates publishing an updated resource estimate and maiden Preliminary Economic Assessment within the second quarter of 2018.
All securities issued under the Offering will be subject to a four-month hold period from the date of completion. The Company paid finders fees totalling $56,000.
About Callinex Mines Inc.
Callinex Mines Inc. (TSX-V: CNX ; OTCQX: CLLXF) is advancing its portfolio of zinc rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by its Nash Creek and Superjack deposits in the Bathurst Mining District of New Brunswick. Callinex is exploring these projects in support of an updated resource estimate and maiden PEA planned for Q2 2018.
Additionally, Callinex is exploring its projects in the Flin Flon Mining District of Manitoba which notably include the Pine Bay and Big Island Projects. These projects are located within 25 km to an operating processing facility that requires additional ore within four years.
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.
Some statements in this news release contain forward-looking information. These statements include, but are not limited to, statements with respect to future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the ability to complete the proposed drill program and the timing and amount of expenditures. Except as required under applicable securities laws, Callinex does not assume the obligation to update any forward-looking statement.
SOURCE Callinex Mines Inc.
For further information: Callinex Mines Inc., Max Porterfield, President and Chief Executive Officer, Phone: (604) 605-0885, E-mail: [email protected]