VANCOUVER, Oct. 23, 2013 /CNW/ - Callinex Mines Inc. (TSX.V-CNX) (OTCQX - CLLXF) (the "Company") is pleased to announce that is has closed its non-brokered private placement to raise gross proceeds of $546,524 by the issuance of 1,561,499 units (each a "Unit") at a price of $0.35 per Unit. Each Unit consists of one common share of the Company and one half of a share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one additional common share of the Company for a period of two years from closing the private placement at the price of $0.35 per share in the first year and $0.40 per share in the second year.
In connection with the private placement, Callinex paid a finders' fee in the amount of $15,555.74 in cash and the issuance of finder's warrants exercisable to purchase 44,444 shares of the Company for a period of two years from closing the private placement at the price of $0.35 per share in the first year and $0.40 per share in the second year.
The Company intends to use the net proceeds of the private placement to advance its exploration activities in Manitoba.
All shares, warrants and any shares issuable on exercise of warrants issued with respect to this private placement are subject to a four-month hold period and may not be traded in Canada until February 24, 2014, except as permitted by applicable Canadian securities laws and the TSX Venture Exchange.
The company would like to welcome Mr. Michael Louie to their board of directors. Mr. Louie is a partner in D+H Group LLP, a Vancouver based Chartered Accounting Firm. Mr. Louie has considerable experience working on behalf of First Nations groups as well as a familiarity with the Canadian mining business and Canadian accounting practices. He holds a Bachelor of commerce degree from the University of British Columbia.
Additionally, Mervyn Snider has left the Company's Board of Directors. The Company thanks him for his years of loyal service and wishes him well.
On Behalf of the Board of Directors,
President and CEO
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 contemplated work programs and the timing and amount of expenditures. Callinex does not assume the obligation to update any forward-looking statement.
SOURCE: Callinex Mines Inc.
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