CDA.V · 2020-02-14 12:00:00

CORRECTION FROM SOURCE: C DA Closes Private Placement

Financings

www.canucresources.ca

6939553 v6

FOR IMMEDIATE RELEASE

TSX

V: CDA | CNUCF |

WKN:

A14 ZX4

February

, 20

Shares Outstanding:

62,264,150

ISIN: CA1389093040

CORRECTION FROM SOURCE:

DA Closes Private Placement

This news release is being

updated to disclose the Company’s insider exemption requirements in

accordance with MI 61

101.

Canuc Resources Corporation (“

Canuc

or the “

Company

”) (TSX

CDA)

announces the

closing of a non

brokered Private

Placement for gross proceeds of $

,000. The closing of this

Private Placement results in issuance of

500

,000 Units. Each Unit consist

of one common

share (“Common Share”) priced at

cents and one

half of one

warrant (“Warrant”). Each

Warrant entitles the holder to purchase one additio

nal Common Share at 1

cents for a period of

two years from the closing of the Private Placement.

All securities issued under th

Private

Placement will be subject to a hold period expiring four months and one day from the date of

closing.

roceeds of th

Private Placement will be used

for

exploration

the Company’s

San

Javier

Silver

Gold P

roject

and

for general working capital.

Three

Officers of the Company (collectively, the “insiders”)

have

invested in

this Private

Placement subscribing

for

in aggregate

480

000

Units,

gross proceeds of $48,000. The

participation of insiders in the Private Placement constitutes a “related party transaction” within

the meaning of the Multilateral Instrument 61

101

–

rotection of Minority Security Holders in

Special Transactions

(“MI 61

01”) and the policies of the TSX

. The Company is relying on the

exemption

s 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 in the private placement by insi

ders

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 since the

existence

of any placement or

insiders’

participation therein was not

determined at that time.

Closing of this Private Placement is subject to

final ap

proval by the TSX Venture Exchange.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in

the

policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of

this release.

bout 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

has rights for further in field developments. Canuc also has exclusive rights, through a Partnership

www.canucresources.ca

6939553 v6

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) 5

–

cberlet

canucresources.ca

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, t

he 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 fi

nancial 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 antici

pated 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 con

tained in this

press release to reflect events or circumstances after the date hereof.

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