Business
Canuc Resources Corporation Closes Private Placement
Toronto, Ontario--(Newsfile Corp. - May 11, 2020) - Canuc Resources Corporation (TSXV: CDA) ("...
About this update from Canuc Resources Corporation
[{"type":"text","content":"Canuc Resources Corporation Closes Private PlacementToronto, Ontario--(Newsfile Corp. - May 11, 2020) - Canuc Resources Corporation (TSXV: CDA) (\"Canuc\" or the \"Company\") announces the closing of a non-brokered Private Placement for gross proceeds of $100,000. The closing of this Private Placement results in issuance of 1,000,000 Units. Each Unit consists of one common share (\"Common Share\") priced at 10 cents and one half of one warrant (\"Warrant\"). Each Warrant entitles the holder to purchase one additional Common Share at 15 cents for a period of two years from the closing of the Private Placement. 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 of this Private Placement will be used for exploration at the Company's San Javier Silver-Gold Project, and for general working capital.Two Officers of the Company (collectively, the \"insiders\") have invested in this Private Placement subscribing for in aggregate 200,000 Units, or gross proceeds of $20,000. The participation of insiders in the Private Placement constitutes a \"related party transaction\" within the meaning of the 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 the 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 that participation in the private placement by insiders will not exceed 25% of the fair market value 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 since the existence of any placement or insiders' participation therein was not determined at that time. Closing of this Private Placement is subject to final approval by the TSX Venture Exchange.Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.About CanucCanuc is a junior resource company holding the San Javier Silver-Gold Project in Sonora State, Mexico. The Company generates cash flow from natural gas production at its MidTex Ener...