Non-brokered offering funds exploration of projects, working capital
By Devika Patel
Knoxville, Tenn., March 4 - Canasil Resources Inc. said it plans a non-brokered private placement of units. It will raise C$2 million.
The company will sell 4 million units of one common share and one half-share warrant at C$0.50 per unit.
Each whole warrant will be exercisable at C$0.70 for one year. The strike price represents a 42.86% premium to the March 3 closing share price of C$0.49.
Proceeds will be used for exploration programs on the company's mineral projects and for working capital.
Canasil is a Vancouver, B.C.-based precious and base metals exploration company.
| Issuer: | Canasil Resources Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$2 million
|
| Units: | 4 million
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | March 4
|
| Stock symbol: | TSX Venture: CLZ
|
| Stock price: | C$0.49 at close March 3
|
| Market capitalization: | C$24.72 million
|
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