By Devika Patel
Knoxville, Tenn., Dec. 7 - Canaco Resources Inc. said it has completed the first tranche of a C$5.35 million non-brokered private placement of units, raising C$2.92 million. The deal priced Nov. 10 and was increased from C$4.03 million on Nov. 18.
The company is selling 15,282,500 units at C$0.35 apiece. It sold 8,339,999 units in this tranche.
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
|
| Settlement date: | Dec. 7 (for C$2,919,000)
|
| Stock symbol: | TSX Venture: CAN
|
| Stock price: | C$0.37 at close Nov. 10
|
| Market capitalization: | C$50 million
|
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