Canary Gold Corp. Announces Closing of Oversubscribed Non-Brokered Private Placement Engages ICP Securities Inc. For Automated Market Making Services

Executive Summary

• Canary Gold Corp. has closed a non-brokered private placement, raising gross proceeds of CAD$1,112,500, increasing the size of the offering due to increased demand.
• The company issued 4,450,000 units at $0.25 per unit, with each unit comprising one common share and one transferable warrant exercisable at $0.35 for three years.
• Net proceeds will be used to advance exploration at the Madeira River Project in Brazil and for general working capital.

Key Details

• Gross Proceeds: CAD$1,112,500.
• Units Issued: 4,450,000 units.
• Price Per Unit: $0.25 CAD.
• Warrant Terms (Subscribers): Each unit includes one transferable common share purchase warrant. Warrants allow the purchase of one additional common share at $0.35 per share for a period of three years from issuance.
• Acceleration Provision: If the common shares on the CSE close at a minimum of $0.55 for ten consecutive trading days, the company may accelerate the warrant expiry date to 20 days following a press release announcing such acceleration. This provision becomes effective four months and one day after issuance.
• Finder’s Fees: Paid to certain finders consisting of a cash fee of $62,510 and 250,040 common share purchase warrants (Finder’s Warrants).
• Finder’s Warrant Terms: Each Finder’s Warrant entitles the holder to acquire one common share at $0.35 per share for three years, subject to the same acceleration provision as subscriber warrants.
• Use of Proceeds: Advancing exploration at the Madeira River Project in Brazil and for general working capital purposes.
• Statutory Hold: All securities are subject to a statutory hold period of four months and one day from the date of issuance.
• Regulatory Status: The offering remains subject to CSE approval.

Notable Quotes

• No direct quotes from the CEO/President were included in the text of this release.