Canico Resource Corp.

Canico Resource Corp.

October 14, 2005 17:55 ET

Canico Resource Corp.: Bank Warrants Extended

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 14, 2005) - Canico Resource Corp. (TSX:CNI) - On September 15, 2005, Canico Resource Corp. ("Canico") announced that it had amended and extended the term of the agreement announced November 18, 2003, (see Canico news release 19-03), between Canico and its advisory banks, Barclays Capital and Canadian Imperial Bank of Commerce (the "Advisors") and that concurrently, the term of the non-transferable compensation warrants ("Warrants") held by the Advisors, exercisable for the purchase of up to an aggregate of 1,250,000 common shares of Canico at a price of $15.55 per share was being extended so that the Warrants will expire on November 17, 2009, instead of November 17, 2007, but with no change to the exercise price or the other terms of the Warrants. The TSX has now accepted notice of this extension of the Warrants and the extension will be effective 10 business days after this news release.

Canico confirms that the Advisors are not insiders of Canico.

Canico is a Canadian-based junior resource company focused on the development of the Onca Puma nickel laterite project located in Para State, Brazil.


J. Michael Kenyon, President & Chief Executive Officer

Contact Information

  • Canico Resource Corp.
    J. Michael Kenyon
    President & Chief Executive Officer
    (604) 669-9446
    (604) 669-9447 (FAX)