Canuc closes $2.79-million private placement

Executive Summary

• Canuc Resources Corp. has closed a $2.79-million flow-through private placement financing.
• The transaction resulted in the issuance of 18 million units, comprising flow-through common shares and warrants.
• Proceeds from the financing are designated for the exploration of the company's East Sudbury project.

Key Details

• Total Gross Proceeds: $2.79 million.
• Units Issued: 18 million units.
• Share Price: 15.5 cents per common share.
• Warrant Terms: Each unit includes one-half of one common share purchase warrant.
  • Exercise Price: 18 cents per share.
  • Duration: Two years from the closing of the private placement.
  • Early Exercise Provision: Warrants may be triggered for exercise if the 10-day average price of common shares on the TSX Venture Exchange exceeds 24 cents per share.
  • Expiration: Any unexercised warrants become null and void 30 days after the trigger date.
• Hold Period: All securities are subject to a hold period of four months and one day from the date of closing.
• Use of Proceeds: Exploration of the East Sudbury project.
• Regulatory Status: The final closing is subject to acceptance by the TSX Venture Exchange.