NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISTRIBUTION IN THE UNITED STATES

VANCOUVER, British Columbia, Feb. 15, 2023 (GLOBE NEWSWIRE) — Callinex Mines Inc. (The “Pursue” or “callinex“) CNX CLXXF is pleased to announce that it has expanded the scope of its previously announced brokered private placement offering (the “Offer“) for gross proceeds of up to $8,200,000 in securities (the “securities“) of the Company. The Offering is being conducted by Research Capital Corporation to act as lead agent and sole bookrunner on behalf of a syndicate of agents including Beacon Securities Limited and Clarus Securities Inc. (collectively, the “agents“) on a best efforts basis for securities of the Company in a combination consisting of:

a) Shares in the Company (the “units“) at a price of $3.15 per Unit. Each Unit consists of one common share in the Company’s capital (a “common share“) and one-half common share purchase warrant (each whole warrant being a “warranty“).

b) flow-through units of the Company to be sold to non-profit purchasers (the “Charity FT Units“) at a price of $5.67 per Charity FT Unit. Each Charity FT Unit consists of one common share, which are treated as “flow-through shares” within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the “tax law“) issued under a charity arrangement (each a “Charity FT Common Stock“) and half of a warrant.

Each Warrant entitles the holder to purchase one common share (a “option share“) at an exercise price of $4.05 per Warrant Share at any time up to 24 months after Closing (as defined herein). Provided that at any time four months and one day after the Issue Date and prior to the Expiration Date of the Warrants, the volume weighted average trading price of the common shares on the TSX Venture Exchange (“Exchange“) or other major exchange where the common shares are listed, above $7.87 for 15…