Canasil has the funds for a new drill program !!! VANCOUVER, Feb. 19, 2020 /CNW/ - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the "Company") announces a non-brokered private placement (the "Placement") of up to 5,000,000 units (the Units") at a price of $0.08 per Unit for total gross proceeds of up to $400,000 to fund drill programs on the Company's high-grade silver projects in Mexico. A finder's fee may be paid with respect to all or part of this Placement. The terms of the Placement are subject to acceptance by the TSX Venture Exchange.
Each Unit will consist of one common share of the Company and one non-transferable share purchase warrant. Each warrant (a "Warrant") will entitle the purchase of one common share of the Company at a price of $0.12 within two years of closing. If, commencing after the fourth month after closing, the closing price of the Company's shares exceeds $0.25 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 30 days after the Acceleration Trigger Date by the issuance of a news release announcing such acceleration within three trading days of the Acceleration Trigger Date.
The proceeds of the Placement will be used entirely to fund drill programs on the Company's high-grade silver-gold exploration projects in Mexico. The Placement is expected to close by March 31, 2020.