Canasil Closes $340,000 First Tranche of Non- brokered Private Placement and Prepares to Mobilize For Drilling Mexican High-Grade Silver-Gold Projects
Canasil Closes $340,000 First Tranche of Non-
brokered Private Placement and Prepares to
Mobilize For Drilling Mexican High-Grade
Silver-Gold Projects
TSX-V: CLZ
http://www.canasil.com/
VANCOUVER
,
March 5, 2020
/CNW/ - Canasil Resources Inc. (
TSX-V: CLZ
, DB Frankfurt: 3CC
,
"Canasil" or the "Company") announces closing of the first tranche of 4,250,000 units for
$340,000
(the "First Tranche") of the non-brokered private placement (the "Placement") of up to 5,000,000
units (the Units") at a price of
$0.08
per Unit for total gross proceeds of up to
$400,000
announced
on
February 19, 2020
. The proceeds will be used to fund drill programs on the Company's high-
grade silver-gold projects in
Mexico
and the Company is preparing to mobilize a drill on site to start
the drill program. The closing of the Placement is subject to final acceptance by the TSX Venture
Exchange. The securities issuable in connection with the First Tranche are subject to a hold period
expiring four months and one day after date of issuance.
Each Unit will consist of one common share of the Company and one non-transferable share
purchase warrant. Each warrant (a "Warrant") will entitle the purchase of one common share of the
Company at a price of
$0.12
within two years of closing. If, commencing after the fourth month after
closing, the closing price of the Company's shares exceeds
$0.25
per share for a period of 20
consecutive trading days (the "Acceleration Trigger Date"), the Company will have the right to
accelerate the expiry date of the Warrants to 30 days after the Acceleration Trigger Date by the
issuance of a news release announcing such acceleration within three trading days of the
Acceleration Trigger Date.
The proceeds of the Placement will be used entirely to fund drill programs on the Company's high-
grade silver-gold exploration projects in
Mexico
. The Placement is expected to close by
March 31,
2020
.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-
gold-copper-lead-zinc exploration projects in Durango and Zacatecas States,
Mexico
, and in
British
Columbia, Canada
. The Company's directors and management include industry professionals with a
track record of identifying and advancing successful mineral exploration projects through to discovery
and further development. The Company is actively engaged in the exploration of its mineral
properties, and maintains an operating subsidiary in
Durango, Mexico
, with full time geological and
support staff for its operations in
Mexico
.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy
nor shall
there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale
would be unlawful, including
any of the securities in
the United States of America
. The securities
have not been and will not be registered under the United States Securities Act of 1933 (the "1933
Act") or any state securities laws and may not be offered or sold within
the United States
or to
, or
for account or benefit of,
U.S. Persons (as defined in
Regulation S under
the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws, or an exemption from such
registration
requirements
is available
.
SOURCE
Canasil Resources Inc.
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2020/05/c7799.html
%SEDAR: 00004706E
For further information:
Bahman Yamini, President and C.E.O., Canasil Resources Inc., Tel: (604)
709-0109, www.canasil.com
CO: Canasil Resources Inc.
CNW 09:00e 05-MAR-20