TSX Venture Exchange
Shares Outstanding: 43,504,598
TORONTO, Dec. 31 /CNW/ - Canuc Resources Corporation ("Canuc" or the "Company") (TSX Venture: CDA) today announced that it has raised $100,000 in the first tranche of the non-brokered flow-through private placement financing (the "Financing"). The Company has issued 500,000 common shares at $0.20 per share and issued 250,000 common share purchase warrants exercisable at $0.25 for a period of 18 months. The common shares issued will be subject to a four-month hold period expiring May 1, 2011. The proceeds of the Financing will be used to fund the Company's upcoming exploration program in the province of Nova Scotia.
A commission of 8% cash and 8% broker warrants was paid on gross proceeds.
Canuc is a junior mining exploration company with its principal properties located in Ecuador. Canuc's main holding today is an approximate 85% interest in the Nambija Gold Mine located in south-eastern Ecuador. According to records obtained from the Central Bank of Ecuador, it is estimated that, to date, nearly 3 million ounces of gold have been produced using the most primitive of mining and milling recovery processes from the Nambija area.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this release.
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