Closes Oversubscribed C$8,888,888 Financing
Callinex Mines Inc. (TSX-V: CNX) has closed an oversubscribed private placement financing to raise a total of C$8,888,888.
CEO and President, Max Porterfield, said the company is now fully funded and focused on expanding the high-grade copper, gold, silver and zinc rich Rainbow Discovery at the company’s Pine Bay Project in Manitoba.
“Two drill rigs have commenced the budgeted 30,000m drilling campaign in Manitoba and plans are underway to expand the two near surface silver discoveries in New Brunswick with a drilling campaign in the coming months.
“We’re grateful for the support from new and existing shareholders in this financing which allows us to continue our mission of driving shareholder value through discovery.”
Clarus Securities Inc. acted as lead agent and bookrunner, on behalf of a syndicate of agents that included PI Financial Corp. and Stifel Nicolaus Canada Inc.
Callinex Mines is advancing its portfolio of base and precious metals rich deposits located in established Canadian mining jurisdictions. The portfolio is highlighted by the rapidly expanding Rainbow discovery at its Pine Bay project located near existing infrastructure in the Flin Flon mining district.
Additionally, Callinex has emerging near-surface silver discoveries at its Nash Creek project located in the Bathurst mining district of New Brunswick. A 2018 preliminary economic assessment on the company’s Bathurst projects outlined a mine plan that generates a strong economic return of 25.2 per cent post-tax and a net present value eight per cent of C$230-million.
