CANEX Metals Completes First Tranche of Financing

CANEX Metals Inc. has successfully closed the first tranche of its ongoing non-brokered private placement. The company raised $386,999.92 through the sale of 2,444,445 common shares at $0.045 each and 4,616,665 flow-thru common shares at $0.06 each. This financing aims to support the exploration at the Louise copper-gold porphyry system in British Columbia and further advancement of the Gold Range Project in Arizona.

The financing saw strong participation from insiders, who acquired 111,108 common shares and 583,335 FT Shares. No finder's fees were associated with this tranche, and the shares are subject to a four-month hold period ending on March 15, 2025.

Proceeds from flow-thru shares will be designated for Canadian exploration expenses at the Louise Property, qualifying as "critical mineral flow-through mining expenditures" under the Income Tax Act. The remainder will be used for advancing the Gold Range Project and general working capital.