Non-brokered offering finances exploration programs, working capital
By Devika Patel
Knoxville, Tenn., June 20 – Canasil Resources Inc. said it increased its non-brokered private placement of units to C$2.56 million from C$2.4 million. The oversubscribed deal priced on June 7.
The company will now sell 8 million units of one common share and one half-share warrant at C$0.32 per unit.
Each whole warrant will be exercisable at C$0.50 for two years. The strike price reflects a 47.06% premium to the June 6 closing share price of C$0.34.
Proceeds will be used for exploration programs and working capital.
Canasil is a Vancouver, B.C.-based precious and base metals exploration company.
| Issuer: | Canasil Resources Inc.
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| Issue: | Units of one common share and one half-share warrant
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| Amount: | C$2.56 million
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| Units: | 8 million
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| Price: | C$0.32
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$0.50
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| Agent: | Non-brokered
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| Pricing date: | June 7
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| Upsized: | June 20
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| Stock symbol: | TSX Venture: CLZ
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| Stock price: | C$0.34 at close June 6
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| Market capitalization: | C$38.12 million
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