VANCOUVER, BC, July 10,
2024 /CNW/ - Callinex Mines Inc. (the "Company"
or "Callinex") (TSXV: CNX) (OTCQX: CLLXF) pleased to announce a
non-brokered private placement of up to $1.5
million (the "Offering"). The Offering will be used
to fund a drilling campaign at the Company's 100% owned Pine Bay
Project to expand the Descendent discovery and test other
high-priority target areas (see news release dated May 22, 2024).
The Offering will consist of (i) up to 400,000 hard dollar units
(the "HD Units") at a price of C$1.25 per HD Unit (the "HD Offering
Price") for gross proceeds of up to C$500,000; and (ii) up to 471,698 Manitoba flow-through units (the "FT
Units") at a price of C$2.12 per
FT Unit (the "MB FT Offering Price") for gross
proceeds of up to $1,000,000.
Each HD Unit shall consist of one common share and one-half of
one transferable common share purchase warrant (each whole such
common share purchase warrant, a "Warrant"). Each FT Unit
shall consist of one flow-through common share and one-half of one
transferrable Warrant to be issued on a non-flow-through basis.
Each Warrant shall be exercisable into one additional common share
(a "Warrant Share") for two (2) years from closing at an
exercise price of C$2.00 per Warrant
Share.
The gross proceeds from the sale of FT Units will be used by the
Company to incur eligible "Canadian exploration expenses" that will
qualify as "flow-through mining expenditures" as such terms are
defined in the Income Tax Act (Canada) (the "Qualifying Expenditures")
related to the Pine Bay Project, Manitoba. All Qualifying Expenditures will be
renounced in favour of the subscribers of the Flow-Through Shares
effective December 31, 2024. The net
proceeds from the sale of the HD Units will be used by the Company
for working capital and general corporate purposes.
Closing of the Offering is subject to the acceptance of the TSX
Venture Exchange.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy any of the securities in
the United States. The securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities
Act") or any state securities laws and may not be offered or
sold within the United States or
to U.S. Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
About Callinex Mines Inc.
Callinex Mines Inc. (TSXV: CNX) (OTCQX: CLLXF) is advancing
its portfolio of base and precious metals rich deposits located in
established Canadian mining jurisdictions. The focus of the
portfolio is highlighted by the rapidly expanding Rainbow deposit
at its rich VMS Pine Bay Project located near existing
infrastructure in the Flin Flon Mining District. Callinex prepared
an indicated mineral resource on the Rainbow deposit of 3.44 Mt
grading 3.59% CuEq for 272.4 Mlb CuEq (238.3 Mlb Cu, 56.9 Mlb Zn,
37.6 koz Au, 692.8 koz Ag, 2.3 Mlb Pb), an inferred mineral
resource on the Rainbow deposit of 1.28 Mt grading 2.95% CuEq
containing 83.4 Mlb CuEq (72.1 Mlb Cu, 19.5 Mlb Zn, 11.1 koz Au,
222.2 Koz Ag, 0.8 Mlb Pb) and an
inferred mineral resource at the Pine Bay deposit of 1.0 Mt grading
2.62% Cu containing 58.1 Mlb Cu (see news release dated
July 10, 2023). The second asset in
the portfolio is the Nash Creek Project located in the VMS rich
Bathurst Mining District of New
Brunswick. A 2018 PEA generates a strong economic return
with a pre-tax IRR of 34.1% (25.2% post-tax) and NPV8% of
$230 million ($128 million post-tax) at $1.25 Zinc (see news release dated May 14, 2018). The third asset, 100% owned Point
Leamington Deposit in Newfoundland, is located in one of the richest
VMS and Gold Districts in Canada.
Callinex prepared a pit constrained Indicated Mineral Resource of
5.0 Mt grading 2.5 g/t AuEq for 402 koz AuEq (145.7 koz gold, 60.0
Mlb copper, 153.5 Mlb zinc, 2.0 Moz silver, 1.5 Mlb lead), a pit
constrained Inferred Mineral Resource of 13.7 Mt grading 2.24 g/t
AuEq for 986.5 koz AuEq (354.8 koz gold, 110.2 Mlb copper, 527.3
Mlb zinc, 6.2 Moz silver, 7.0 Mlb lead) and an out-of-pit Inferred
Mineral Resource of 1.7 Mt grading 3.06 g/t AuEq for 168.5 koz AuEq
(65.4 koz gold, 13.3 Mlb copper, 102.9 Mlb zinc, 1.4 Moz Ag, 2.6 Mlb lead) (see news release dated
October 25, 2021).
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, completing the private placement financing, 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.
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SOURCE Callinex Mines Inc.