RE: RE: China = FRAUD As you can see from portions of the two news releases below. The Chinese did very well on this stock. Buying at .05 and selling at $5.40. I would be curious to know what they are thinking right now.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 29, 2009) - Canaco Resources Inc. (TSX VENTURE:CAN) is pleased to announce that it has closed on its second tranche of non-brokered private placement previously announced on March 30, 2009. The Company raised $2,000,000 and issued a total of 40,000,000 units at
.05 per unit. Each unit consists of one common share and one-half of one common share purchase warrant. One full warrant will entitle the holder to acquire one common share at
.07 per share in the first year and
.10 per share in the second year. These warrants will expire on June 25, 2011. The 40,000,000 shares issued and any shares issued upon exercise of the 20,000,000 warrants are subject to a four-month hold period expiring on October 27, 2009.
In addition to the Treasury Offering, the Underwriters have agreed to purchase, on a bought deal basis, from SinoTech (Hong Kong) Corporation Limited ("SinoTech"), 6,000,000 Common Shares at the same price as the Treasury Offering for gross proceeds to SinoTech of $32,400,000 (the "Secondary Offering"). The Company will not receive any proceeds from the Secondary Offering.