Canuc Resources (TSXV: CDA) has completed its previously announced private placement. The financing saw a total of $1.0 million in gross proceeds raised for the firm, which will be used for drilling of targets that are defined by a currently ongoing magnetic survey being conducted at the firms flagship San Javier Silver-Gold project in Mexico.
Units of the company were priced at $0.25, with each unit containing one common share and one half warrant. Each warrant is valued for a period of two years from the date of issue, and are exercisable into common shares at $0.35 per share. Notably, two officers of the company partook in the financing.
An acceleration clause is also present on the warrant, with the company able to accelerate the expiry on the warrants should the common shares of the company exceed a 10 day volume weighted average price of $0.50 per share.
Canuc Resources last traded at $0.20 on the TSX Venture.
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