VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 10,
2009) - Canaco Resources Inc. (TSX VENTURE:CAN) is announcing that it intends to proceed with a brokered and
non-brokered private placement of $4,025,000 through the sale of units at $0.35
per unit. It plans to sell up to 11,500,000 units, each unit will consist of
one common share and one-half of one common share purchase warrant. One full
warrant will entitle the holder to acquire one common share at $0.45 per share
in the first year and $0.75 per share in the second year. The warrants will
expire two years from closing.
Directors and officers
of the Company will be subscribing for a portion of the financing. Canaco may
pay a finders fee in cash and/or warrants.
The proceeds of
the private placement will be used toward general working capital, project
generation and exploration costs.
placement is subject to certain conditions, including, but not limited to,
satisfactory due diligence and the receipt of all necessary approvals,
including the approval of the TSX Venture Exchange.
The Company relies on litigation protection
for "forward-looking" statements. This
press release contains forward-looking statements that are based on the
Company's current expectations and estimates. Forward-looking statements are
frequently characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other
similar words or statements that certain events or conditions "may" or "will"
occur, and include, without limitation, statements regarding the Company's
plans with respect to the exploration and development of its projects. Such
forward-looking statements involve known and unknown risks, uncertainties and
other factors that could cause actual events or results to differ materially
from estimated or anticipated events or results implied or expressed in such
forward-looking statements. Any forward-looking statement speaks only as of the
date on which it is made and, except as may be required by applicable
securities laws, the Company disclaims any intent or obligation to update any
forward-looking statement, whether as a result of new information, future
events or results or otherwise. Forward-looking statements are not guarantees
of future performance and accordingly undue reliance should not be put on such
statements due o the inherent uncertainty therein. No independent consultant
has rendered an expert opinion on the property.
Canaco Resources Inc.
Canaco Resources Inc.