Business
Canuc Closes Non-Brokered Private Placement
Toronto, Ontario--(Newsfile Corp. - March 16, 2023) - Canuc Resources Corporation (TSXV: CDA) (OT...
About this update from Canuc Resources Corporation
[{"type":"text","content":"Canuc Closes Non-Brokered Private PlacementToronto, Ontario--(Newsfile Corp. - March 16, 2023) - Canuc Resources Corporation (TSXV: CDA) (OTCQB: CNUCF) (\"Canuc\" or the \"Company\") is pleased to announce the closing of a non-brokered private placement for gross proceeds of $900,000 CAD (\"Private Placement\"). The closing of this Private Placement results in the issuance of 11,250,000 units. Each unit consists of one common share (\"Common Share\") priced at $0.08 per Common Share, and one half of one common share purchase warrant (\"Warrant\"). Each whole Warrant entitles the holder to purchase one additional Common Share at $0.25 for a period of two years from the closing of the Private Placement.Each whole Warrant has an early exercise provision that allows the Company to trigger exercise of the Warrant when the 10-day average price of Common Shares traded on the TSX Venture Exchange exceeds $0.50 per share. Thirty days (30) after the trigger date, any unexercised Warrants will be deemed to be null and void. All securities issued under this Private Placement will be subject to a hold period expiring four months and one day from the date of closing. Proceeds will be used for exploration on the Company's San Javier Silver-Gold Project in Sonora State, Mexico and for developing the Company's MidTex Energy Assets in Central West Texas. One officer of the Company (the \"Insider\") participated in the Private Placement subscribing for 250,000 units representing gross proceeds of $20,000 CAD. The participation of the Insider constitutes a \"related party transaction\" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (\"MI 61-101\") and the policies of the TSX. The Company is relying on exemptions from the formal valuation and minority approval requirements contained in sections 5.5(a) and 5.7(1)(a) of MI 61-101 on the basis neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transaction, insofar as it involves interested parties, exceeds 25 per cent of the Company's market capitalization. The Company did not file a material change report at least 21 days prior to the completion of the Private Placement because the existence of any placement or insiders' participation therein had not been determined at t...