VANCOUVER, Dec. 13 /CNW/ - Canasia Industries Corporation (TSX-V: CAJ)
(the "Company") is pleased to announce that it has completed 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 paid to Limited Market Dealer Group a cash finder's fee of
$100,000, equal to 10% of the offering.
All of the securities issued by the Company in connection with this
offering are subject to a hold period, which expires on April 12, 2008.
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 close Canasia's first institutional private
placement with MineralFields Group," said Graeme Sewell, a director of the
Company. "This is an important milestone in the growth of Canasia 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
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President and 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
For further information:
For further information: Tel: (778) 328-8848, Fax:(604) 689-1733,
www.canasiaind.com, email@example.com, Graeme Sewell, President and
Director, Canasia Industries Corporation