Callinex Announces Non-Brokered Financing To Raise $2,850,000
VANCOUVER, Dec. 12, 2011 /CNW/ - Callinex Mines Inc. ('Callinex')
is pleased to announce that it intends to raise $2,850,000 through a non-brokered private placement of 3,000,000 units (the 'Units') at the price of $0.95 per Unit. Each Unit will consist of one flow-through common share and half of one non-transferable warrant (a 'Warrant'). Each whole Warrant is exercisable to purchase a non-flow-through common share for a period of two years at an exercise price of $1.00.Callinex may pay a finder's fee on all or a portion of the private placement.
Certain directors and officers of Callinex may acquire Units under the private placement. Any such participation would be considered to be a related party transaction as defined under Multilateral Instrument 61-101. The transaction will be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities so issued to or the consideration paid by such persons will exceed 25% of Callinex's market capitalization.
Callinex intends to expend the net proceeds of the private placement on its properties in Manitoba.
The Units have not been registered under the U.S. Securities Act of 1933, as amended, or any state securities laws and may not be offered or sold in the United States absent registration or any applicable exemption from the registration requirements. This press release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of the Units in any state in which such offer, solicitation or sale would be unlawful.
This private placement is subject to approval of the TSX Venture Exchange.
On behalf of Callinex Mines Inc.
Mike Muzylowski
Mike Muzylowski
President & 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.
Certain of the information presented in this News Release may constitute 'forward-looking statements' or 'forward-looking information' within the meaning of Canadian securities legislation (together referred to as 'forward-looking statements'). The forward-looking statements are subject to risks, uncertainties and other factors that may cause actual results to be materially different from those expressed or implied by such forward-looking statements, including any delays in the receipt of consents or approvals. Although Callinex has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements contained in this News Release and in any document referred to in this News Release. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date the statements are made and Callinex undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable law.
Callinex Mines Inc.
CONTACT: Braden Maccke, 604-605-0885, info@callinex.ca