TSX-V: CLZ
www.canasil.com
VANCOUVER, March 24, 2020 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the
"Company") announces that the TSX Venture Exchange has accepted for
filing documentation with respect to the non-brokered private
placement of 5,085,000 units (the Units") at a price of
$0.08 per Unit for total gross
proceeds of $407,000 announced on
February 19, 2020.
The securities issuable in connection with the private
placement are subject to a hold period expiring four months and one
day after the date of issuance: July 6,
2020, for the first tranche closed on March 5, 2020, and July
12, 2020, for the second tranche closed on March 11, 2020. A finder's fee of 6% for
$3,720 was paid on part of the
proceeds of the second tranche.
Each Unit consists 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.
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.
Canasil Resources Inc.
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.