New Issue: Canaco Resources increases private placement of units to C$5.35 million

By Devika Patel

Knoxville, Tenn., Nov. 18 - Canaco Resources Inc. said it has increased a non-brokered private placement of units to C$5.35 million from C$4.03 million. The deal priced on Nov. 10.

The company will sell 15,282,500 units at C$0.35 apiece. Each unit consists of one common share and one half-share warrant, with each whole two-year warrant exercisable at C$0.45 in the first year and at C$0.75 in the second year.

Proceeds will be used for general working capital, project generation and exploration costs.

Vancouver, B.C.-based Canaco is a mineral exploration company.

Issuer:	Canaco Resources Inc.
Issue:	Units of one common share and one half-share warrant
Amount:	C$5,348,875
Units:	15,282,500
Price:	C$0.35
Warrants:	One half-share warrant per unit
Warrant expiration:	Two years
Warrant strike price:	C$0.45 in the first year, C$0.75 in the second year
Agent:	Non-brokered
Pricing date:	Nov. 10
Upsized:	Nov. 18
Stock symbol:	TSX Venture: CAN
Stock price:	C$0.37 at close Nov. 10
Market capitalization:	C$43.2 million

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