Canaco Resources Inc.

Canaco Resources Inc.

November 18, 2009 09:48 ET

Canaco Increases Financing to $5,348,875

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.

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.

Contact Information

  • Canaco Resources Inc.
    Andrew Lee Smith
    604-488-0822 or 1-866-488-0822
    Canaco Resources Inc.
    Nick Watters
    Investor Relations
    604-488-0822 or 1-866-488-0822