Callinex Closes Oversubscribed $4.2 Million Private Placement

Callinex Mines (TSXV:CNX) has announced it has closed an oversubscribed $4.2 million non-brokered private placement financing. The financing was increased in size from an initial $1 million to $2.75 million before closing at $4.2 million based on strong investor demand.
Max Porterfield, president and CEO said:

We are pleased with the strong support from existing and new shareholders for this oversubscribed private placement. The proceeds of this financing will enable Callinex to complete significant exploration and accelerate our growth strategy.

As quoted in the press release:

The Financing consisted of 7,000,000 non-flow through units (“Units”) and 7,000,000 flow through shares (“Share”) for aggregate gross proceeds of $4,200,000. Each non-flow through Unit consists of one (1) non-flow through common share and one-half of one share purchase warrant (each whole warrant a “Warrant”). Each Warrant entitles the holder to acquire one non-flow through common share at a price of $0.45 for a period of two years from the date of issue.  The Company will have the right to accelerate the expiry date of the Warrants if, at any time, the volume weighted average price exceeds $0.60 over any 15 day trading period. In the event of acceleration, the expiry date will be accelerated to a date that is 20 days after the Company issues a news release announcing that it has elected to exercise this acceleration right.

Click here for the full press release.