Early Warning Press Release

TORONTO, Oct. 16, 2020 (GLOBE NEWSWIRE) -- Northfield Capital Corporation (the “Acquiror”) announces that it has disposed of ownership and control of 15,000 common shares (the “Subject Shares”) of Cantex Mine Development Corp. (the “Company”), 203 – 1634 Harvey Ave., Kelowna, BC, V1Y 6G2 on October 15, 2020, representing approximately 0.03% of all issued and outstanding common shares of the Company as of October 15, 2020.  As a result of the disposition of the Subject Shares, the Acquiror no longer holds over 10% of the issued and outstanding common shares of the Company on a partially diluted basis.

Immediately before the transaction described above, the Acquirer held an aggregate of 3,457,100 common shares of the Company and convertible securities entitling the Acquirer to acquire an additional 1,452,500 common shares of the Company (the “Warrants”), representing approximately 6.82% of the issued and outstanding common shares of the Company as of October 15, 2020 (or approximately 9.42% assuming exercise of the Warrants only).  Upon completion of the transaction described above, the Acquirer owns and controls an aggregate of 3,442,100 common shares of the Company (the “Owned Shares”) and the 1,452,500 Warrants, representing approximately 6.79% of the issued and outstanding common shares of the Company as of October 15, 2020 (or approximately 9.39% assuming exercise of the Warrants only). 

Immediately before the transaction described above, the Acquiror and its joint actor held an aggregate of 3,659,000 common shares of the Company and Warrants entitling the Acquirer and its joint actor to acquire an additional 1,577,500 common shares of the Company.  Of these totals, 3,457,100 common shares and 1,452,500 Warrants were held by the Acquiror directly, and 201,900 common shares and 125,000 Warrants were held by its joint actor, representing approximately 7.22% of the issued and outstanding common shares of the Company as of October 15, 2020 (or approximately 10.02% assuming exercise of the Warrants only). Upon completion of the transaction described above, the Acquiror, together with its joint actor, own and control an aggregate of 3,644,000 common shares of the Company and Warrants entitling the Acquirer and its joint actor to acquire an additional 1,577,500 common shares of the Company. Of these totals, 3,442,100 common shares and 1,452,500 Warrants were held by the Acquiror directly, and 201,900 common shares and 125,000 Warrants were held by its joint actor, representing approximately 7.19% of the issued and outstanding common shares of the Company as of October 15, 2020 (or approximately 9.99% assuming exercise of the Warrants only).

The Subject Shares were disposed of through the facilities of the TSX Venture Exchange.  The holdings of securities of the Company by the Acquirer and its Joint Actor are managed for investment purposes, and the Acquirer and its Joint Actor could increase or decrease their investments in the Company at any time, or continue to maintain their current investment position, depending on market conditions or any other relevant factor. The aggregate consideration received for the Subject Shares was $17,400.00, calculated as an aggregate of 15,000 Subject Shares sold at a price of $1.16 per common share.

The Acquiror’s head office is located at Suite 301 – 141 Adelaide St. W., Toronto, ON, M5H 3L5.

Additional Information

A copy of the early warning report filed in connection with the matters set forth above may be obtained by contacting:

Michael G. Leskovec, CPA CA
141 Adelaide Street West, Suite 301
Toronto, Ontario  M5H 3L5
Tel: 647-794-4360