Vancouver, January 12, 2007 - Canasil Resources Inc. (Canasil, TSX-V: CLZ) announces final closing of the Company’s Non-Brokered Private Placement of 1,500,000 units at $0.25 per unit for total proceeds of $375,000, as announced on December 5 and 22, 2006, effective January 12, 2007. The proceeds will be used to fund the Company’s continued exploration programs and for working capital.
Each unit will consist of one common share of the Company and one share purchase warrant (a “Warrant”); each Warrant will entitle the holder to purchase one common share of the Company at $0.35 within one year from 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.
In accordance with securities legislation currently in effect, the Shares, the Warrants and the Warrant Shares will be subject to a “hold period” of four months plus one day, expiring on May 13, 2007.
Canasil is a Canadian mineral exploration company with interests in base and precious 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.
The TSX Venture Exchange has not reviewed and does not accept responsibility
for the adequacy or accuracy of the content of this news release.
For further information please contact:
|Bahman Yamini||Doug Kerr|
|President and C.E.O.||Corporate Communications|
|Canasil Resources Inc.||604-718 5454|