VANCOUVER, Nov. 26, 2021 - Canasil Resources Inc. (TSX-V: CLZ, DB Frankfurt: 3CC, "Canasil" or the "Company") announces closing of a non-brokered private placement (the "Placement") of 4,350,000 Units at $0.125 per Unit for $543,750, and 1,100,000 Flow Through ("FT") Shares at $0.15 per FT Share for $165,000, for total proceeds of $708,750 effective November 15 and 25, 2021. The Placement was initially announced for $500,000 and subsequently increased to $650,000 through news releases dated Oct. 19 and Oct. 22, 2021. The closing of the Placement is subject to final acceptance by the TSX Venture Exchange. The securities issued in connection with the Placement are subject to hold periods expiring four months and one day after the date of issuance. Finder's fees of 6% for a total of $19,350 are payable on part of the proceeds of the Placement.
The 4,350,000 Units consist of one common share of the Company and one half of one non-transferable share purchase warrant. Each whole warrant (a "Warrant") will be exercisable to purchase one additional common share of the Company at a price of $0.20 during the first year, increasing to $0.25 in year two following the closing of the offering.
The Company has also received $102,000 from the exercise of 850,000 Warrants at $0.12 per Warrant. Of the total proceeds of $810,750 received, $645,750 will be used for drill programs on the Company's silver-gold projects in Durango and Zacatecas States, Mexico, and for working capital, and the $165,000 FT portion will be used to fund qualifying exploration programs on the Company's copper-gold projects in British Columbia, Canada.
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.
For further information please contact:
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
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.