Cap-Ex Ventures Ltd. (TSXV:CEV) announced the closing of the third tranche of its non-brokered private placement. The tranche closed for gross proceeds of approximately $740,000.
As quoted in the press release:
Cap-Ex intends to use the proceeds from the sale for continued exploration of Cap-Ex’s wholly-owned Block 103 Project in western Labrador and for general corporate purposes. The gross proceeds raised from the issuance of the Flow-Through Shares will be used by Cap-Ex to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) on properties located in Canada.