| July 19, 2010 Canaco Announces $20,020,000 Private Placement Financing | |
| Vancouver, July 19, 2010 -- Canaco Resources Inc. (CAN: TSX-V) (the "Company" or "Canaco") is pleased to announce that it has entered into a financing agreement pursuant to which a syndicate led by TD Securities Inc. and including Canaccord Genuity Corp., Haywood Securities Inc. and Dundee Securities Corp. (the "Underwriters"), has offered to purchase, on a bought deal private placement basis, 14,300,000 common shares of the Company at a price of $1.40 per share (the "Issue Price") for total gross proceeds of $20,020,000 (the "Offering"). Canaco has also granted the Underwriters an option to purchase up to an additional 3,600,000 common shares at closing, which is exercisable by the Underwriters at any time up to 2 business days prior to closing. The common shares issued with respect to the Offering will be subject to a four month hold period in accordance with applicable Canadian securities laws. The closing of the Offering is expected to occur on or about August 4, 2010 and is subject to receipt of all necessary regulatory approvals including that of the TSX Venture Exchange. The net proceeds from the Offering will be used by Canaco to fund further exploration and development of the Company's mineral properties and for general corporate purposes. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless an exemption from such registration is available. Canaco Resources Inc. is listed on the TSX Venture Exchange and is engaged in the exploration and development of Tanzanian gold prospects. For further information contact: Andrew Lee Smith CEO - or - Nick Watters, Investor Relations Telephone: 604-488-0822 or 1-866-488-0822 Visit our website: www.canaco.ca Email: investors@canaco.ca Neither 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 or accuracy of this release. | |
You can view the Next News Releases item: Tue Aug 3, 2010, Canaco drills 32m at 9.27 grams per tonne gold at Magambazi Central, Extends the Magambazi Main Lode 120m North with step-out drilling You can view the Previous News Releases item: Mon Jul 12, 2010, Canaco intersects 37m at 12.45 grams per tonne gold at Magambazi including 23m at 19.14 grams per tonne gold -- more results to come You can return to the main News Releases page, or press the Back button on your browser. |
