Canuc Resources Corporation (TSX-V: CDA) (OTCQB: CNUCF) is pleased to announce the closing of a non-brokered private placement financing, raising gross proceeds of $2,000,000 CAD (out of a maximum of $2,000,000) through the issuance of 25,000,000 Units (out of a maximum of 25,000,000 Units) at $0.08 per Unit. Each Unit consists of one common share priced at $0.08 per Common Share, and one half of one common share purchase warrant. Each whole Warrant entitles the holder to purchase one additional Common Share at $0.25 for a period of two years from the closing of the Private Placement.
Each whole Warrant has an early exercise provision that allows the Company to trigger exercise of the Warrant when the 10-day average price of Common Shares traded on the TSX Venture Exchange exceeds $0.50 per share. Thirty days (30) after the trigger date, any unexercised Warrants will be deemed to be null and void. All securities issued under this Private Placement will be subject to a hold period expiring four months and one day from the date of closing.
Proceeds will be used for exploration on the Company’s San Javier Silver-Gold Project in Sonora State, Mexico and for developing the Company’s MidTex Energy Assets in Central West Texas.
No finder fees or commissions are payable in connection with this closing. This Private Placement does not result in any new insiders or control persons of the Company, and closing is subject to final approval by the TSX Venture Exchange.
Canuc is a junior resource company focusing on its San Javier Silver-Gold Project in Sonora State, Mexico. The Company also generates cash flow from natural gas production at its MidTex Energy Project in Central West Texas, USA where Canuc has an interest in eight producing natural gas wells and has rights for further in field developments.
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