Cancana Resources announces non-brokered private placement of units

Deal sells units at C$0.20 with two-year C$0.25 warrants

By Devika Patel

Knoxville, Tenn., Oct. 16 - Cancana Resources Corp. said it plans a non-brokered private placement of units.

The company will sell units of one common share and a warrant at C$0.20 per unit. Each warrant is exercisable at C$0.25 for two years. The strike price is a 13.64% premium to the Oct. 15 closing share price (TSX Venture: CNY), C$0.22.

Settlement is expected on Oct. 18.

The manganese explorer is based in Vancouver, B.C.

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