Cantex Mine Development Corp. has closed the first tranche of its non-brokered private placement, raising gross proceeds of $1,929,900 to fund exploration work at the North Rackla project in the Yukon.

The initial closing comprises 4,428,000 charity flow-through units priced at $0.3625 each, 283,333 flow-through shares at $0.30 per share, and 959,000 hard units at $0.25 per unit. Each unit and charity flow-through unit includes one-half of a non-flow-through warrant, with whole warrants exercisable at $0.40 for a two-year term.

In a private placement completed in August 2025, Cantex issued charity flow-through units at $0.21 and hard units at $0.14, marking a notable pricing uplift in the current financing tranche.

President and CEO Chad Ulansky participated in the financing by subscribing for 100,000 flow-through shares for $30,000. In connection with the closing, Cantex paid $35,350 in cash finders' fees and issued 126,000 non-transferable finders' warrants carrying the same exercise price and term. The offering remains subject to final acceptance by the TSX Venture Exchange.

Proceeds from the placement will directly support qualified critical mineral exploration expenditures at North Rackla. The funds are earmarked for drilling gold targets, following up on high-grade copper discoveries, and expanding the strike length of the silver-lead-zinc-germanium massive sulphides toward the open northeast extension, alongside general operations.

Cantex operates under the leadership of Dr. Charles Fipke, who founded Ekati, Canada's first diamond mine. The company holds a 100% interest in the 20,000-hectare North Rackla property, situated 150 kilometres northeast of Mayo in the Yukon Territory.

Read the full announcement: CANTEX CLOSES FIRST TRANCHE OF A NON-BROKERED PRIVATE PLACEMENT