VANCOUVER,
BRITISH COLUMBIA--(Marketwire - Nov. 18, 2009) - Canaco Resources Inc. (TSX VENTURE:CAN)
announces that it is increasing its previously announced financing to
$5,348,875 through the sale of units at $0.35 per unit. It plans to sell up to
15,282,500 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. The
private placement was previously announced on November 11, 2009.
Directors and officers
of the Company will be subscribing for a portion of the financing. The Private
Placement will be conducted on a brokered and non-brokered basis and 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.
The private
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.