Business
Canuc Resources Corporation Completes Reverse Takeover and Concurrent Financing
Toronto, Ontario--(Newsfile Corp. - February 21, 2017) - Completion of Reverse Takeover ...
About this update from Canuc Resources Corporation
[{"type":"text","content":"\nCanuc Resources Corporation Completes Reverse Takeover and Concurrent FinancingToronto, Ontario--(Newsfile Corp. - February 21, 2017) - Completion of Reverse TakeoverCanuc Resources Corporation (TSXV: CDA) (\"Canuc\" or the \"Company\") is pleased to announce that the Company has completed the reverse takeover transaction previously announced, on the terms set out in the business combination agreement dated August 26, 2016 (the \"Transaction\"). The Transaction involved the combination of Canuc and Santa Rosa Silver Mining Corp. (\"Santa Rosa\") by way of an amalgamation of Santa Rosa and a wholly-owned subsidiary of Canuc, to form one company as a wholly-owned subsidiary of Canuc. Pursuant to the amalgamation, all issued and outstanding securities in the capital of Santa Rosa were converted into like issued and outstanding securities of Canuc on a two-for-one basis. The Transaction was approved by written consent of the holders of more than 50% of the issued and outstanding common shares of the Company held by disinterested shareholders. Final approval of the Transaction and the listing of the combined entity remains subject to a receipt by the TSX-V of satisfactory final documentation in respect of the Transaction and the issuance of the Final Exchange Bulletin.Completion of Concurrent FinancingThe Company is also pleased to announce that it has closed the concurrent financing of $2,000,000, representing the maximum financing amount disclosed in the filing statement filed in connection with the Transaction. The closing of this financing results in the issuance of 8,000,000 units, with each unit comprised of one common share and one half of one common share purchase warrant, with each unit priced at $0.25 (25 cents) and each share purchase warrant having a life of two years from the date of issue and an exercise price of $0.50 (50 cents). In connection with the financing, Canuc will pay commission to Finley Holdings Ltd, Bonaventure Explorations Limited, and Leede Jones Gable Inc. aggregating to $150,617 CAD, 602,468 commission warrants and 75,064 commission units, with the commission units having the same terms and conditions as those units issued under the financing. The commission warrants have an exercise price of $0.25 (25 cents) but otherwise have the same terms and conditions as the warrants issued under the financing....