Canasia Announces Private Placement Financing with MineralFields Group



    Trading Symbols:
    CAJ-Canada
    45C-Germany
    CANSF-USA

    VANCOUVER, Dec. 7 /CNW/ - Canasia Industries Corporation (TSX-V: CAJ)
(the "Company") is pleased to announce that, subject to regulatory approval,
it is conducting a non-brokered private placement with MineralFields Group to
raise $1,000,000 by the issuance of 3,030,303 flow-through units (each, a
"Unit") at a price of $0.33 per Unit, with each Unit consisting of one
flow-through common share and one non-flow-through share purchase warrant
("NFT Warrant"). Each NFT Warrant is exercisable into one additional
non-flow-through common share for a period of two years from the date of
closing, at an exercise price of $0.55 per share in the first year and $0.65
per share in the second year.
    The Company will pay a finders fee equal to 10% of the offering.
    All of the securities issued by the Company in connection with this
offering will be subject to a four (4) month hold period.
    The Company plans to use the proceeds from the private placement to
continue exploration programs on the Company's mineral properties in British
Columbia and Manitoba.
    "We are very pleased to be entering into this relationship with
MineralFields Group", said Graeme Sewell, a Director. "This is an important
milestone in the growth of Canasia Industries Corporation and we look forward
to working with MineralFields Group as we develop our holdings in the British
Columbia and Manitoba regions."

    About MineralFields, Pathway and First Canadian Securities(R)
    -------------------------------------------------------------
    MineralFields Group (a division of Pathway Asset Management) is a
Toronto-based mining fund with significant assets under administration that
offers its tax-advantaged super flow-through limited partnerships to investors
throughout Canada during most of the calendar year, as well as hard-dollar
resource limited partnerships to investors throughout the world. Pathway Asset
Management also specializes in the manufacturing and distribution of
structured products and mutual funds. Information about MineralFields Group is
available at www.mineralfields.com. First Canadian Securities(R), a division
of Limited Market Dealer Inc., is active in leading resource financings (both
flow-through and hard dollar PIPE financings) on competitive, effective and
service-friendly terms, with investors both within, and outside of
MineralFields Group.

    If you would like to be added to Canasia's news distribution list, please
send your email address to info@canasiaind.com.

    "Graeme Sewell"
    Director
    Canasia Industries Corporation

    THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT
    RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

    This news release contains certain "Forward-Looking Statements" within
the meaning of Section 21E of the United States Securities Exchange Act of
1934, as amended. All statements, other than statements of historical fact,
included herein are forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will prove to be
accurate, and actual results and future events could differ materially from
those anticipated in such statements. Important factors that could cause
actual results to differ materially from the Company's expectations are
disclosed in the Company's documents filed from time to time with the British
Columbia Securities Commission and the United States Securities & Exchange
Commission.





For further information:

For further information: Tel: (778) 328-8848, Fax: (604) 689-1733,
www.canasiaind.com, info@canasiaind.com

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CANASIA INDUSTRIES CORPORATION

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