Vancouver, December 11, 2007 - Canasil Resources Inc. (Canasil, TSX-V: CLZ) announces that the Company has negotiated a non-brokered private placement of 1,500,000 units at an exercise price of $0.30 per unit for total proceeds of $450,000. A commission or finder’s fee may be paid with respect to this placement. The terms of the placement are subject to acceptance by the TSX Venture Exchange (“the Exchange”).
Each unit will consist of one common share of the Company and one-half of one share purchase warrant (a “Warrant”); each full Warrant will entitle the holder to purchase one common share of the Company at a price of $0.45 within one year of closing. If, beginning six months following the closing of the private placement, the closing price of the Company’s shares equals or exceeds $0.75 per share for a period of ten consecutive trading days, the Company will have the right to accelerate the expiry date of the Warrants by giving the Warrant-holders at least 30 days’ written notice.
The proceeds of the private placement will be used for continuing exploration programs on the Company’s mineral exploration projects and for working capital.
Canasil is a Canadian mineral exploration company with interests in precious and base metal properties in British Columbia, Canada, and in Durango, Sinaloa and Zacatecas States, Mexico. The Company’s directors and management include industry professionals with a consistent track record of identifying and advancing successful mineral exploration projects. The Company is actively engaged in the exploration of mineral properties and evaluating additional acquisition opportunities.
For further information please contact:
Calgary: Garth McTavish
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the content of this news release.
This news release contains certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical fact, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects to occur, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Investors are cautioned that any such statements are not guarantees of future performance. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made.