By Sheri Kasprzak
New York, July 6 - Canaco Resources Inc. wrapped a C$2,502,500 private placement.
The company sold 4.55 million units at C$0.55 each.
The units are comprised of one share and one half-share warrant with each whole warrant exercisable at C$0.70 through June 29, 2007.
The expiry will be accelerated to 30 days if the stock trades above C$1.25 for more than 20 consecutive trading days.
Haywood Securities Inc. and Bolder Investment Partners, Ltd. were the placement agents.
The proceeds will be used for exploration and development of mineral prospects, for acquisitions and operations and for 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$2,502,500
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| Units: | 4.55 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: | June 29, 2007
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| Warrant strike price: | C$0.70
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| Placement agents: | Haywood Securities Inc. and Bolder Investment Partners, Ltd.
|
| Settlement date: | July 6
|
| Stock symbol: | TSX Venture: CAN
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| Stock price: | C$0.60 at close July 6
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