By Devika Patel
Knoxville, Tenn., June 29 - Canaco Resources Inc. said it raised C$2 million in a non-brokered private placement of units.
The company sold 40 million units at C$0.05 per unit. Each unit consists of one common share and one half-share warrant. Each whole two-year warrant will be exercisable at C$0.07 in the first year and at C$0.10 in the second year until June 25, 2011.
Proceeds will be applied toward 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$2 million
|
| Units: | 40 million
|
| Price: | C$0.05
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 25, 2011
|
| Warrant strike price: | C$0.07 in the first year, C$0.10 in the second year
|
| Agent: | Non-brokered
|
| Settlement date: | June 29
|
| Stock symbol: | TSX Venture: CAN
|
| Stock price: | C$0.08 at close June 26
|
| Market capitalization: | C$5.12 million
|
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