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Canuc Resources Corporation Announces LOI for RTO with Santa Rosa Silver Mining Corp.
TORONTO, ON / ACCESSWIRE / June 9, 2016 / Canuc Resources Corp. (TSXV: CDA) ("Canuc" or th...
About this update from Canuc Resources Corporation
[{"type":"text","content":"Canuc Resources Corporation Announces LOI for RTO with Santa Rosa Silver Mining Corp.TORONTO, ON / ACCESSWIRE / June 9, 2016 / Canuc Resources Corp. (TSXV: CDA) (\"Canuc\" or the \"Company\") is pleased to announce it has entered into a Letter of Intent dated June 9, 2016 to merge with Santa Rosa Silver Mining Corp. (\"Santa Rosa\"), a privately held Ontario corporation (the \"Transaction\"). \nThe Transaction will constitute a reverse take-over under the TSX Venture Exchange (the \"Exchange\") polices. \nCanuc shall issue one Canuc common share (\"Canuc Share\") for each two (2) Santa Rosa common shares (\"Santa Rosa Shares\") then issued and outstanding. Upon completion of the Transaction the shareholders of each of Canuc and Santa Rosa shall hold the numbers of shares and percentages of shares of the combined entity, on a fully diluted basis, set out below:\nImage: https://www.accesswire.com/uploads/Canuc%206-9%201a.png\n(1) Includes warrants, options and convertible securities and executive compensation shares. \nCurrently there are 10,086,751 Canuc Shares which are issued and outstanding and 44,730,000 Santa Rosa Shares which are issued and outstanding. \nAbout Canuc\nCanuc is a junior resources company engaged in the exploration and development of mineral properties in North and South America. In addition, the company is active in the development of a natural gas field in Central West Texas where it has an interest in seven producing gas wells. These wells generate a sustainable cash-flow with the potential to increase income by the drilling and completion of additional wells.\nCanuc Capitalization\n The authorized share capital of Canuc consists of an unlimited number of common shares without nominal or par value, of which, as at the date hereof, 10,086,751 Canuc Shares are issued and outstanding. A further 905,000 Canuc Shares are reserved for issuance for the exercise of stock options of which 310,000 stock options are exercisable at $0.10 per share and 595,000 of which at $0.06 per share, and 3,550,000 Canuc Shares are reserved for issuance for the exercise of warrants of which 350,000 warrants are exercisable at $1.00 per share and 3,200,000 of which at $0.10 per share. \n Reporting Issuer\n Canuc is a \"reporting issuer\" within the meaning of the Securities Act (British Columbia), the Securities Act (Alberta), the S...