By Sheri Kasprzak
New York, May 25 - Canaco Resources Inc. wrapped a C$1.1 million private placement.
The company sold 2 million units at C$0.55 each.
The units consist of one share and one half-share warrant. The warrants are exercisable at C$0.70 each through May 24, 2007.
The expiry may be accelerated to 30 days if the stock trades above C$1.25 for more than 20 consecutive trading days.
The proceeds from the non-brokered deal will be used for exploration, acquisitions and development on the company's mineral prospects. The rest will be used for operations and general corporate purposes.
Vancouver, B.C.-based Canaco is a mineral exploration company.
| Issuer: | Canaco Resources Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$1.1 million
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| Units: | 2 million
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| Price: | C$0.55
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | May 24, 2007
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| Warrant strike price: | C$0.70
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| Placement agent: | Non-brokered
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| Settlement date: | May 25
|
| Stock symbol: | TSX Venture: CAN
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| Stock price: | C$0.66 at close May 25
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