Canamex up 33%; says Blockchain technology has potential for mine financing

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Drilling at Canamex Gold’s Bruner Project in Nye County, Nevada. Source: Canamex Gold Corp.

Canamex Gold Corp. [CSQ-TSXV, CNMXF-OTCBB, CX6-FSE] shares resumed trading Thursday December 7 after the company said it has executed terms of agreement (TOA) with Harmonychain AS to consider the issues around an initial coin offering of asset-backed digital tokens based on the Ethereum blockchain technology, and whether the company could utilize this new technology in future offerings.

Canamex Gold was among the most active stocks on the TSX Venture Exchange Thursday, as the stock jumped 33%, or 4 cents, to 16 cents on volume of 2.1 million shares.

Canamex gold is engaged in fast-tracking toward development of the Bruner Gold Project in Nye County, Nevada.  The company completed a positive Preliminary Economic Assessment on the Bruner Project in April, 2016. A new resource estimate for the project was expected to be released before the end of this year.

Harmonychain has several patented applications pending within Blockchain technology. These include physical delivery systems related to Blockchain Contracts, and security systems related to breach of Blockchain security.

As Canamex is still in the development stage with its Bruner Gold Project and in the exploration phase with its Silverton gold property, which is also located in Nevada, the company has not yet produced any gold or silver. It has said it is in no position to predict when either of those properties would be in production, if ever.

However, Canamex CEO David Vincent said he believes the agreement with Harmonychain could be an important step for the company.

“The new paradigm of secure digital currencies and tokens opens a new opportunity for Canamex, as a potential alternative means of doing financings,’’ Vincent said. “We believe that this concept could be a first for the industry,’’ he said.

Vincent went on to say that one of the great benefits with raising capital via this concept is that there could be minimal dilution for the shareholders. In addition to the benefits from transparency, the potential asset backing of the Tokens, and it being attractive compared to traditional debt or equity financings, he said.


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Filed in: Gold, Resources

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