Canuc Closes Private Placement
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FOR IMMEDIATE RELEASE TSX-V: CDA | CNUCF | WKN: A14 ZX4
December 7th, 2020 Shares Outstanding: 84,939,150
ISIN: CA1389093040
Canuc Closes Private Placement
Canuc Resources Corporation (“Canuc” or the “Company”) (TSX-V: CDA) (OTCQB: CNUCF)
announces the closing of a non-brokered Private Placement for gross proceeds of $1,018,000 CAD.
The closing of this Private Placement results in issuance of 4,072,000 Units. Each Unit consists of
one common share (“Common Share”) priced at 25 cents and one half of one warrant (“Warrant”)
of the Company. Each whole Warrant entitles the holder to purchase one additional Common Share
at 35 cents for a period of two years from the closing of the Private Placement.
Each whole Warrant has an early exercise provision that allows the Company to trigger exercise
of the Warrant when the 10-day average price of Common Share s traded on the TSX Venture
Exchange exceeds $0.50 per share. 30 days after the trigger date, any unexercised warrants will be
deemed to be null and void. All securities issued under this Private Placement will be subject to a
hold period expiring four months and one day from the date of closing.
Proceeds of financing will be used for drilling of targets defined by the previously announced
magnetic survey which is currently in progress on the Company’s San Javier Silver-Gold Project.
Two Officer(s) of the Company (the “insider s”) ha ve invested in this Private Placement
subscribing for in aggregate 200,000 Units, or gross proceeds of $50,000 CAD. The participation
of insiders in the Private Placement constitutes a “related party transaction” within the meaning of
Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions
(“MI 61-101”) and the policies of the TSX. The Company is relying on exemptions from the formal
valuation and minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-
101 on the basis that participation by insiders will not exceed 25% of the fair market value of the
Company’s market capitalization. The Company did not file a material change report at least 21
days prior to the completion of the Private Placement because the existence of any placement or
insiders’ participation therein had not been determined at that time.
This Private Placement does not result in any new insiders or control persons of the Company, and
closing is subject to final approval by the TSX Venture Exchange.
Neither the TSX Venture Exchange nor its Regulation Service Provider accepts responsibility for
the adequacy or accuracy of this release.
About Canuc
Canuc is a junior resource company holding the San Javier Silver -Gold Project in Sonora State,
Mexico. The Company generates cash flow from natural gas production at its MidTex Energy
Project in Central West Texas, USA where Canuc has an interest in eight producing gas wells and
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has rights for further in field developments. Canuc also has exclusive rights, through a Partnership
Agreement with Ioticiti Networks Inc., to sell Industrial IoT applications and infrastructure in the
Provinces of Alberta and Saskatchewan, Canada and in the State of Texas, USA.
For further information please contact:
Canuc Resources Corporation.
(416) 525 – 6869
Forward Looking Information
This news release contains forward -looking information. All information, other than information of historical fact,
constitute “forward -looking statements” and includes any information that addresses activities, events or
developments that the Corporation believes, expects or anticipates will or may occur in the future including the
Corporation’ s strategy, plans or future financial or operating performance.
When used in this news release, the words “estimate”, “project”, “anticipate”, “expect” , “intend”, “believe”,
“hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended
to identify forward-looking information. The forward-looking information is based on current expectations and applies
only as of the date on which they were made. The factors that could cause actual results to differ materially from those
indicated in such forward -looking information include, but are not limited to, the ability of the Corporation to fund
the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government
regulations could also affect the results. Other risks may be set out in the Corporation’ s annual financial statements,
MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such information. Accordingly,
investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation
does not assume any obligation to release publicly any revisions to forward -looking information contained in this
press release to reflect events or circumstances after the date hereof.