Non-brokered offering finances exploration programs, working capital
By Devika Patel
Knoxville, Tenn., June 22 – Canasil Resources Inc. said it raised C$488,000 in the first tranche of its C$2.56 million non-brokered private placement of units. The oversubscribed deal priced on June 7 and was increased to C$2.56 million from C$2.4 million on Monday.
The company is selling 8 million units of one common share and one half-share warrant at C$0.32 per unit. It sold 1,525,000 units in the initial tranche.
Each whole warrant is 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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| Settlement date: | June 22 (for C$488,000)
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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$37.67 million
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