Callinex Closes Private Placement to Raise $546,524 and Announces Change to Board of Directors
(Canada Newswire Via Acquire Media NewsEdge)
VANCOUVER, Oct. 23, 2013 /CNW/ - Callinex Mines Inc. (TSX.V-CNX) (OTCQX
- CLLXF) (the "Company") is pleased to announce that is has closed its
non-brokered private placement to raise gross proceeds of $546,524 by
the issuance of 1,561,499 units (each a "Unit") at a price of $0.35 per
Unit. Each Unit consists of one common share of the Company and one
half of a share purchase warrant (a "Warrant"). Each whole Warrant will
entitle the holder to purchase one additional common share of the
Company for a period of two years from closing the private placement at
the price of $0.35 per share in the first year and $0.40 per share in
the second year.
In connection with the private placement, Callinex paid a finders' fee
in the amount of $15,555.74 in cash and the issuance of finder's
warrants exercisable to purchase 44,444 shares of the Company for a
period of two years from closing the private placement at the price of
$0.35 per share in the first year and $0.40 per share in the second
The Company intends to use the net proceeds of the private placement to
advance its exploration activities in Manitoba.
All shares, warrants and any shares issuable on exercise of warrants
issued with respect to this private placement are subject to a
four-month hold period and may not be traded in Canada until February
24, 2014, except as permitted by applicable Canadian securities laws
and the TSX Venture Exchange.
The company would like to welcome Mr. Michael Louie to their board of
directors. Mr. Louie is a partner in D+H Group LLP, a Vancouver based
Chartered Accounting Firm. Mr. Louie has considerable experience
working on behalf of First Nations groups as well as a familiarity with
the Canadian mining business and Canadian accounting practices. He
holds a Bachelor of commerce degree from the University of British
Additionally, Mervyn Snider has left the Company's Board of Directors.
The Company thanks him for his years of loyal service and wishes him
On Behalf of the Board of Directors,
President and CEO
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, the
ability to complete contemplated work programs and the timing and
amount of expenditures. Callinex does not assume the obligation to
update any forward-looking statement.
SOURCE Callinex Mines Inc.
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