TSX-V: CLZ
www.canasil.com
VANCOUVER, Feb. 19, 2020 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the
"Company") announces a 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 to fund
drill programs on the Company's high-grade silver projects in
Mexico. A finder's fee may be paid
with respect to all or part of this Placement. The terms of the
Placement are subject to acceptance by the TSX Venture
Exchange.
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.