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Canasil Closes $488,000 First Tranche of Non-brokered Private Placement
Canasil Closes $488,000 First Tranche of Non-brokered Private Placement Canasil Cl...
About this update from Canasil Resources Inc.
[{"type":"text","content":"\n\n\n\nCanasil Closes $488,000 First Tranche of Non-brokered Private Placement\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.prntal{\nTEXT-ALIGN: LEFT\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nCanasil Closes $488,000 First Tranche of Non-brokered Private Placement\nCanada NewsWire\nVANCOUVER, June 22, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES./\n\nTSX-V: CLZ www.canasil.com \n\n\n\nVANCOUVER, June 22, 2016 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, \"Canasil\" or the \"Company\") announces closing on June 21, 2016, of the first tranche of 1,525,000 units for proceeds of $488,000 in the non-brokered private placement (the \"Placement\") of total 8,000,000 units (the \"Units\") at a price of $0.32 per Unit, previously announced on 7th and 20th June 2016. There was no finder's fee paid with respect to this tranche of the Placement. The TSX Venture Exchange has accepted for filing documentation with respect to this tranche of the Placement and all shares issued are subject to resale restrictions for a period of four months plus one day from the closing date to October 22, 2016.   \n\nEach Unit consists of one common share of the Company and one-half of one non-transferable share purchase warrant. Each whole warrant (a \"Warrant\") entitles the purchase of one common share of the Company at a price of $0.50 within two years of closing. If, commencing after the fourth month after closing, the closing price of the Company's shares exceeds $0.80 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 the 20th trading day after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.\n\nThe proceeds of the Placement will be used for continuing exploration programs on the Company's mineral exploration projects and for working capital. The balance of the Placement is expec...