Canasil Closes $488,000 First Tranche of Non-Brokered Private Placement

Canasil Resources (TSXV:CLZ) has announced the closing of the first tranche of 1,525,000 units for proceeds of $488,000 in the non-brokered private placement of 8 million units at a price of $0.32 per unit.
As quoted in the press release:

There was no finder’s fee paid with respect to this tranche of the Placement. The TSX Venture Exchange has accepted for filing documentation with respect to this tranche of the Placement and all shares issued are subject to resale restrictions for a period of four months plus one day from the closing date to October 22, 2016.
Each Unit consists 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. 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 balance of the Placement is expected to close by June 29, 2016.

Click here to read the full press release.