/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES./
VANCOUVER, June 20, 2016 /CNW/ - Canasil Resources Inc.
(TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil"
or the "Company") announces that the non-brokered private placement (the "Placement") of 7,500,000 units (the "Units") at a price
of $0.32 per Unit for total gross proceeds of $2,400,000 announced on
June 7, 2016, is over-subscribed. The placement has been increased to 8,000,000 Units for total gross
proceeds of $2,560,000. 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-half of one non-transferable share purchase warrant. Each
whole warrant (a "Warrant") will entitle the purchase of one common share of the Company at a price of $0.50 within two years of closing. If, commencing after the fourth month after closing, the closing price of the
Company's shares exceeds $0.80 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 the 20th trading day
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 for continuing exploration programs on the Company's mineral exploration projects and
for working capital. The Placement is expected to close by June 29, 2016.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong portfolio of 100% owned silver-gold-copper-lead-zinc exploration
projects in Durango and Zacatecas States, Mexico, and in British
Columbia, Canada. The Company's directors and management include industry professionals with a track record of identifying
and advancing successful mineral exploration projects through to discovery and further development. The Company is actively engaged
in the exploration of its mineral properties, and maintains an operating subsidiary in Durango,
Mexico, with full time geological and support staff for its operations in Mexico.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any
sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any
of the securities in the United States of America. The securities have not been and will not be
registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or
sold within the United States or to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities
laws, or an exemption from such registration requirements is available.
SOURCE Canasil Resources Inc.
