Canasil Resources (TSXV:CLZ) has announced a non-brokered private placement of 7,500,000 units at a price of $0.32 per unit for total gross proceeds of $2.4 million.

As quoted in the press release:

Each Unit will consist of one common share of the Company and one-half of one non-transferable share purchase warrant. Each whole warrant (a “Warrant”) will entitle 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 Placement is expected to close by June 29, 2016.

Click here to read the full press release.

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