Canuc Resources closes $2.79 million flow-through private placement

Canuc Resources Corporation (TSXV: CDA) completed a $2.79 million CAD flow-through private placement financing, the company announced December 30. The financing resulted in the issuance of 18 million units.

Each unit consists of one flow-through common share priced at $0.155 and one half of one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.18 for two years from closing.

The warrants include an early exercise provision that allows Canuc to trigger exercise when the 10-day average trading price of common shares on the TSX Venture Exchange exceeds $0.24 per share. Unexercised warrants become void 30 days after the trigger date.

All securities issued under the private placement are subject to a hold period expiring four months and one day from closing. The final closing requires acceptance by the TSX Venture Exchange.

Canuc plans to use proceeds for exploration of its East Sudbury Project, which spans 19,710 hectares and is located approximately 20 kilometers northeast of the Sudbury Mining Camp.

The company also holds the San Javier Silver-Gold Project in Sonora State, Mexico, covering 1,052 hectares across 28 claims. Canuc generates cash flow from natural gas production at its MidTex Energy Project in Central West Texas, where it has interests in eight producing natural gas wells.

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