Cancana Resources Corp.
TSX VENTURE : CNY

Cancana Resources Corp.

March 29, 2012 17:00 ET

Cancana Announces Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 29, 2012) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company") is pleased to announce that it has commenced a Non-Brokered Private Placement up to a maximum of $1,000,000.

The Private Placement will be priced at $0.50 per Unit as allowed under the TSX Venture Exchange, ("TSXV"), Policy. Each unit consists of one common share and one non-transferable share purchase Warrant. Each Warrant is exercisable into one additional common share at $0.75 per share for 24 months from the date of Closing of the Private Placement. This placement, if fully subscribed, will result in the issuance of 2,000,000 Common Shares and 2,000,000 non-transferable Warrants.

This Private Placement may be subject to a finders' fee, which will be paid in accordance with the TSXV policies and is subject to the approval of the regulatory authorities.

The proceeds of this Private Placement will be used for the completion of acquisition of Manganese mineral claims, commencement of Manganese exploration and production purposes, including the completion of a N.I. 43-101 Report, as well as the commissioning of the Parauna Diamond and Gold mining operation recently acquired with the closing of the acquisition of Amazon Resources Ltd.

Cancana Resources Corp. is an exploration stage company with assets in Brazil and Canada. The Company has been seeking projects that expand its resource base and provide for near term production and revenue. All available resource reports and information on the Company's properties are located on the Company website.

Cancana continues to provide shareholders with Investor Updates, please ensure that you have already registered on the company website, if not please visit www.cancanacorp.com and input your name and email address on the home page.

Issued on behalf of the Board of Directors of Cancana Resources Corp.

Dr. William (Bill) Pfaffenberger, CEO and Director

The information in this news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. When used in this release, words such as "estimate", "expect", "anticipate" and "believe" as well as similar expressions are intended to identify forward-looking statements. Such statements are used to describe management's future plans, objects, and goals for the Company and therefore involve inherent risks and uncertainties. The reader is cautioned that actual results, performance or achievements may be materially different from those implied or expressed in such statements, which speak only as of the date the statements were made. The Company does not update forward-looking statements continually as conditions change. We seek safe harbour.

Neither the TSX Venture Exchange nor its Regulation Service 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