CANEX Increases Equity Financing to C$9 Million
CANEX Metals upsizes its non-brokered placement to C$9 million to fund exploration, project acquisition obligations and working capital.
Rhea-AI Summary
CANEX Metals (NOMNF) increased its previously announced non-brokered private placement to raise up to C$9 million in equity financing.
The company now plans to issue up to 21,428,571 common shares at C$0.35 per share for proceeds of up to C$7.5 million, and up to 2,777,778 charity flow-through (FT) shares at C$0.54 per FT share for additional gross proceeds of up to C$1.5 million. Securities will be placed privately with accredited investors and will be subject to a hold period of four months plus one day from closing. The financing requires TSX Venture Exchange and other regulatory approvals. CANEX states it is using exemptions from the formal valuation and minority approval requirements of MI 61-101, as the fair market value of the financing is below 25% of its market capitalization.
Net proceeds are earmarked for exploration and pre-development at the Gold Basin/Gold Range and Louise projects, obligations related to the 100% acquisition of Gold Basin Resources, and general working capital.
Positive
- Equity financing increased to up to C$9 million
- Common share component of up to 21,428,571 shares at C$0.35
- Charity flow-through tranche of up to 2,777,778 shares at C$0.54
- Proceeds allocated to advance Gold Basin/Gold Range and Louise projects and fund Gold Basin Resources acquisition obligations
Negative
- Issuance of up to 24,206,349 new shares implies potential equity dilution
- Financing remains subject to TSX Venture Exchange and regulatory approval
- New securities carry a four-month plus one day hold period, limiting immediate liquidity
AI-generated analysis. How Rhea-AI works. Not financial advice.
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CALGARY, AB / ACCESS Newswire / September 8, 2026 / CANEX Metals Inc. ("CANEX" or the "Company") is pleased to announce that due to strong shareholder demand the Company has increased its previously announced non-brokered private placement and will now offer up to 21,428,571 common shares (the "Common Shares") at a price of
The shares will be offered on a non-brokered basis by way of private placement to accredited investors and any securities issued will be subject to a hold period of four months plus one day from the date of closing. The Financing is subject to TSX Venture Exchange and regulatory approval. 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 Financing does not exceed
About CANEX Metals
CANEX Metals (TSX.V:CANX) is a Canadian junior exploration company and owns
CANEX is also advancing the Louise Copper-Gold Porphyry project in British Columbia. Louise contains a large historic copper-gold resource with drill ready targets below and lateral to historic mineralization offering investors copper and gold discovery potential. CANEX is led by an experienced management team which has made three notable porphyry and bulk tonnage discoveries in North America.
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 "will", "asserts", "potentially", "plans", "seeks", "advancing" and similar expressions, the final treatment of Delinquent Dissenters, whether Gold Basin will be successful in litigation against Helix, Michael Povey or Charles Straw, and whether an exploration permit application is accepted by the Bureau of Land Management, and advancement of the Gold Basin project and Louise Copper-Gold Porphyry project, are forward-looking information that represents management of CANEX's internal projections, expectations or beliefs concerning, among other things, litigation, future operating results and various components thereof or the economic performance of CANEX. The projections, expectations 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, the possibility that legal proceedings may be instituted against CANEX, Gold Basin, and/or others, and risks inherent in the mining industry. 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, except as required by law.
SOURCE: CANEX Metals Inc.
View the original press release on ACCESS Newswire
FAQ
What are the main intended uses of proceeds from the CANEX offering?
CANEX plans to use the proceeds for exploration and pre-development work at its Gold Basin/Gold Range properties in Arizona and the Louise Copper-Gold Porphyry project in British Columbia, to meet remaining obligations related to the 100% acquisition of Gold Basin Resources, and for general working capital.