Canasil Resources (TSXV:CLZ) has announced the closing on June 29, 2016 of the second and final tranche of 6,475,000 units for proceeds of $2,072,000 in the non-brokered private placement of 8 million units at a price of $0.32 per unit for gross proceeds of $2,560,000. As quoted in the press release: The TSX Venture Exchange …

The TSX Venture Exchange has accepted for filing documentation with respect to this tranche of the Placement and all shares issued pursuant to this tranche are subject to resale restrictions for a period of four months from the closing date to October 30, 2016.
Each Unit consisted of one common share of the Company and one-half of one non-transferable share purchase warrant. Each whole warrant (a “Warrant”) entitles the purchase of one common share of the Company at a price of $0.50 within two years of closing, to June 29, 2018, for warrants issued under this tranche. If, commencing after the fourth month after closing, the closing price of the Company’s shares exceeds $0.80 per share for any 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, within three trading days of the Acceleration Trigger Date, of a news release announcing such acceleration.
Finder’s fees of $38,400 and 60,000 finder warrants was paid to Sprott Private Wealth LP, and $85,920 and 134,250 finder warrants was paid to Sprott Global Resource Investments, Ltd. Finder’s warrants have the same terms as the Unit Warrants. The proceeds of the Placement will be used for continuing exploration programs on the Company’s mineral exploration projects and for working capital.

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