CANEX Metals Completes Oversubscribed Financing of $9.5 Million

CANEX Metals Inc. announced the successful closing of a non-brokered private placement, securing C$9,545,870. The financing involved the issuance of 22,841,286 common shares at $0.35 per share and 2,873,000 Charity Flow-Through shares at $0.54 per share.

This capital inflow will support exploration and drilling initiatives at the Gold Basin/Gold Range Project and the Louise Copper-Gold Porphyry project in British Columbia. Mr. N. Eric Fier, the largest shareholder, significantly contributed C$3 million to the financing.

The private placement was structured for accredited investors, with securities subjected to a four-month holding period. The funds further affirm CANEX's strategic shift towards aggressive exploration activities following a merger and acquisition phase.