Cap-Ex Ventures (TSXV:CEV,OTCQX:CPXVF,FWB:XOV) has closed the first tranche of its non-brokered private placement for gross proceeds to Cap-Ex of $3,500,000.
As quoted in the press release:
Cap-Ex intends to use the proceeds from the sale of the Flow-Through Common Shares for continued exploration of Cap-Ex’s wholly-owned Block 103 Project in western Labrador. The gross proceeds raised from the issuance of the Flow-Through Shares will be used by Cap-Ex to incur “Canadian exploration expenses” (within the meaning of the Income Tax Act (Canada)) on properties located in Canada. Cap-Ex will renounce such “Canadian exploration expenses” with an effective date of no later than December 31, 2012.