Precious Metals

Canex Metals Inc. ("CANEX" or the "Company") is pleased to announce that it has closed it's previously announced C$2.5 million private placement

Highlights

  • Mr. Michael Gentile, CFA was the lead investor in the financing and owns 10.7% (partially diluted) of the company.
  • Mr. Blair Schultz, a newly appointed director of CANEX also participated in the financing and owns 5.3% (partially diluted) of the Company.
  • Altius Minerals (ALS-T), a founding shareholder of the Company, owns 7.5% of CANEX.
  • The Company will use the proceeds of the financing to significantly advance drill testing of the potential for bulk tonnage oxide gold along a recently expanded mineralized corridor that is now 3.2 kilometres long by up to 500 metres wide at the Gold Range property.
  • Assay results for 28 RC drill holes are pending.

The Company welcomes Mr. Michael Gentile, CFA, as a key shareholder and new insider of the Company with 10.7% ownership. Mr. Gentile is considered one of the leading strategic investors in the junior mining sector, owning significant positions in over 15 small-cap mining companies. Michael is currently a strategic advisor to Arizona Metals (TSXV:AMC) and a director of Northern Superior Resources (TSXV:SUP), Roscan Gold (TSXV:ROS), Radisson Mining Resources (TSXV:RDS) and Solstice Gold (TSXV:SGC). Michael recently co-founded Bastion Asset Management, an investment management firm based out of Montreal, Quebec and was previously a Senior Portfolio Manager with Formula Growth Limited.

Mr. Blair Schultz, recently appointed to the board of Directors of CANEX, also participated in the financing and currently owns 5.3% of the Company. Mr. Schultz has over 25 years of capital markets and financial experience including several mining senior executive roles and brings significant merger and acquisition experience to the board. Among his successes includes time spent at Klondex Mines (TSX: KDX) where he played an active role with the Board and Management orchestrating a recapitalization from an insolvent explorer into a producer, concluding with the sale of Klondex to Hecla Mining Company (NYSE: HL) and is a founder and principal in Arizona Metals Corp. (TSXV: AMC).

With this financing completed, CANEX will be fully funded to drill test the continuity of the 3.2 kilometer long by up to 500 meter-wide oxide gold mineralized corridor at Gold Range. To date results from 68 drill holes have been received from the Gold Range project confirming oxide gold mineralization at 3 zones along the corridor. Recent soil and rock sampling has further expanded the target zones and has identified several parallel zones that remain to be drill tested. CANEX is waiting on the results of 28 reverse circulation drill holes.

Terms of Financing

The non-brokered private placement consisted of 19,230,927 Units ("Common Units") at a price of $0.13 per Common Unit for gross proceeds of $2,500,020.51.

Each Common Unit consisted of one common share and one-half of one common share purchase warrant. Each whole common share purchase warrant entitles the holder to purchase one common share at a price of $0.18 per share for a period of two years following closing or until May 27, 2024. After a 6 month, non-callable period the warrants will be subject to acceleration at the Company's discretion if at any time the Company's 20 day volume-weighted average share price trades above 25 cents.

The Units were offered to accredited investors and all securities issued under the offering will be subject to a hold period of four months plus one day or until September 28, 2022. No finder fees were paid in connection with the financing. The Company has relied on exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Sections 5.5(a) and 5.7(1)(a) of MI 61-101 as the fair market value of the subject matter of the Private Placement does not exceed 25% of the market capitalization of the Company as calculated in accordance with MI 61-101.

Proceeds of the financing will be used to drill test and further explore the Gold Range Property and for general working capital.

About Gold Range

The Gold Range project is a new bulk-tonnage oxide-gold target located within an underexplored metamorphic terrain in Northern Arizona. CANEX controls 5 kilometres of strike length along a highly prospective district scale structure where mineralization is being defined through surface sampling, mapping, and reverse circulation drilling. The main exploration target defined by surface work is 3200 metres long by up to 500 metres wide with multiple subparallel exploration targets identified. The target zone remains open along strike under basin cover. Drilling by CANEX has returned strong results including 1 g/t gold over 59.5 metres, 1.6 g/t gold over 35.1 metres, 2.2 g/t gold over 24.4 metres, and 0.3 g/t gold over 62.5 metres.

About Canex Metals

Canex Metals (TSXV:CANX) is a Canadian junior exploration company with a new gold discovery at the Gold Range Project in Northern Arizona, and high silver and gold mineralization at the Gibson property in British Columbia. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America and is sponsored by Altius Minerals (TSX: ALS) the Company's largest shareholder.

Dr. Shane Ebert P.Geo., is the Qualified Person for Canex Metals and has approved the technical disclosure contained in this news release.

"Shane Ebert",

Shane Ebert
President/Director

For Further Information Contact:
Shane Ebert at 1.250.964.2699 or
Jean Pierre Jutras at 1.403.233.2636
Web: http://www.canexmetals.ca

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.

Except for the historical and present factual information contained herein, the matters set forth in this news release, including words such as "expects", "projects", "plans", "anticipates" and similar expressions, are forward-looking information that represents management of Canex Metals Inc. internal projections, expectations or beliefs concerning, among other things, future operating results and various components thereof or the economic performance of CANEX. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause CANEX's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. These risks and uncertainties include, among other things, those described in CANEX's filings with the Canadian securities authorities. Accordingly, holders of CANEX shares and potential investors are cautioned that events or circumstances could cause results to differ materially from those predicted. CANEX disclaims any responsibility to update these forward-looking statements.

SOURCE:Canex Metals Inc.



View source version on accesswire.com:
https://www.accesswire.com/703125/Canex-Closes-C25-Million-Equity-Financing-And-Welcomes-Strategic-Investor-Michael-Gentile-CFA

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The ongoing drill program is anticipated to consist of around 50 holes and 5000 metres of drilling and could be expanded with continued success. To date 30 holes have been completed and sent for assay. Results for 4 holes have been released and assays for the remaining 26 holes are pending and will be released in batches as they are received and processed. The Company anticipates steady news flow through Q1 of 2022.

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Dr. Shane Ebert, President of the Company stated, "We are very pleased to have started our third drill program at Gold Range and are excited to follow up our recent bulk tonnage discoveries and work to expand the zones and further test the underexplored mineralized trend that hosts mineralization. With continued success this program could provide a solid foundation for a larger resource definition program".

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CANEX Reports Cyanide Soluble Gold Recoveries of 94 to 99% from Bottle Roll Tests at Gold Range, Arizona Drill Rig Mobilizing

Canex Metals Inc. (TSXV:CANX) ("CANEX" or the "Company") is pleased to announce exceptional cyanide soluble gold recoveries from bottle roll test work on mineralized samples from the Gold Range Project, Arizona

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A Third Drill Program To Commence Shortly at the Gold Range Project, Arizona

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Freegold Ventures Limited Logo (CNW Group/Freegold Ventures Limited)

The following nine nominees were elected as directors of Freegold. The detailed results of the vote for the election of directors are set out below:

Nominee

# of Votes
For

% of Votes
For

# of Votes
Withheld

% of Votes
Withheld

Ron Ewing

95,557,011

99.31

663,845

0.69

Kristina Walcott

95,500,536

99.251

720,320

0.749

Alvin Jackson

95,263,691

99.005

957,165

0.995

David Knight

95,588,240

99,343

632,616

0.657

Gary Moore

82,186,891

85.415

14,033,965

14.585

Garnet Dawson

83,083,990

86.347

13,136,866

13.653

Gregory Hanks

95,588,962

99.343

631,894

0.657

Glen Dickson

81,101,224

84.287

15,119,632

15.713

Reagan Glazier

96,161,212

99.938

59,644

0.062

At the Meeting, the Company's shareholders also approved the appointment of Davidson & Company LLP, Chartered Professional Accountants as the auditors of the Company for the ensuing year.

Each of the matters voted upon at the Meeting is discussed in detail in the Circular, which is filed under the Company's profile at www.sedar.com .

About Freegold Ventures Limited

Freegold is a TSX listed company focused on exploration in Alaska and holds through leases the Golden Summit Gold Project, near Fairbanks , as well as the Shorty Creek Copper –Gold Project near Livengood. Drilling remains ongoing at Golden Summit.

Some statements in this news release contain forward-looking information, including without limitation statements as to planned expenditures and exploration programs. 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 without limitation the completion of planned expenditures, the ability to complete exploration programs on schedule and the success of exploration programs. See Freegold's Annual Information Form for the year ended December 31st, 2021 filed under Freegold's profile at www.sedar.com for a detailed discussion of the risk factors associated with Freegold's operations.

SOURCE Freegold Ventures Limited

Cision View original content to download multimedia: http://www.newswire.ca/en/releases/archive/June2022/30/c3703.html

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Snowline Gold Corp., Thursday, June 30, 2022, Press release picture

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