CANEX raises C$6.5M ($4.7M) to drill Arizona gold project, led by Eric Fier
What's the deal? CANEX MetalsDealroom has a profile for this one. Try Dealroom → has announced a C$6.5 million (about $4.7 million) non-brokered private placement, led by a C$3 million investment from N. Eric Fier. The Calgary-based explorer will issue up to 14,285,714 common shares at $0.35 each and up to 2,777,778 charity flow-through shares at $0.54 each.
Why now? The financing follows CANEX's acquisition of Gold Basin Resources CorpDealroom has a profile for this one. Try Dealroom →, now a wholly owned subsidiary. The deal consolidates the Gold Basin/Gold Range Project in Northern Arizona into a single property with mineralised trends exceeding 8km.
What's the endgame? CANEX wants to shift from a year-long M&A phase into drilling. Proceeds will fund exploration and pre-development at Gold Basin/Gold Range, plus drill testing at the Louise Copper-Gold Porphyry Project in British Columbia, tentatively set for the fourth quarter.
Fier, who remains CANEX's largest shareholder, will own roughly 9.6% of the company after the financing.
Chief executive officer Shane Ebert said CANEX will focus on "defining the full extent and grade of known zones and understanding the opportunities for expansion across the large district." Portions of the Gold Basin property were previously permitted for an open pit heap leach operation in the late 1980s, and the company plans to advance pre-development studies.
The signal: At roughly $4.7 million, this is a modest raise by broader venture standards, but it marks a familiar junior-miner pivot: capital raised on the back of consolidation, aimed squarely at putting drills in the ground.
Read more: finanznachrichten.de
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