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Canasil Announces $1,000,000 Non-Brokered Private Placement to Expand Drill Programs on Mexican Silver-Gold Projects
Canasil Announces $1,000,000 Non-Brokered Private Placement to Expand Drill Programs on Me...
About this update from Canasil Resources Inc.
[{"type":"text","content":"\n\n\n\nCanasil Announces $1,000,000 Non-Brokered Private Placement to Expand Drill Programs on Mexican Silver-Gold Projects\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, July 17, 2020\n\n\n\nTSX-V: CLZ www.canasil.com \n VANCOUVER, BC, July 17, 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 $0.20 per Unit for total gross proceeds of up to $1,000,000 to fund drill programs on the Company's silver-gold 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. \nEach Unit will consist of one common share of the Company and one half of one non-transferable share purchase warrant. Each whole warrant (a \"Warrant\") will be exercisable to purchase one additional common share of the Company at a price of $0.25 during the first year, increasing to $0.30 in year two following the closing of the offering. If, commencing after the fourth month after closing, the closing price of the Company's shares exceeds $0.50 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 Placement is expected to close by mid-August, 2020.\nThe proceeds of the Placement will be used to fund expanded drill programs on the Company's silver-gold exploration projects in Mexico. The Company has just started a 1,500-metre drill program on the Candy vein at the Nora silver-gold project in northern Durango State. This Placement will allow the program to increase to 2,500 metres and to include drill testing of a second prospective epithermal vein target, the Nora vein, at this project (see det...