Canaco Resources Inc. Announces Increase of $18,900,000 to Treasury Bought Deal Financing and $10,800,000 to Secondary Bought De
25 February 2011 - 4:20AM
PR Newswire (Canada)
VANCOUVER, Feb. 24 /CNW/ -- /NOT FOR DISTRIBUTION TO UNITED STATES
NEWS WIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR
DISSEMINATION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR
INTO THE UNITED STATES/ VANCOUVER, Feb. 24 /CNW/ - Canaco Resources
Inc. (TSXV:CAN) ("Canaco" or the "Company") is pleased to announce
that, in connection with its previously announced bought deal
offering (the "Offering") co-led by Canaccord Genuity Corp. and TD
Securities Inc. (the "Underwriters"), it has increased the size of
the treasury offering ("Treasury Offering") to 22,200,000 common
shares to raise gross proceeds of $119,880,000. In addition,
the secondary offering of common shares ("Secondary Offering"),
which the Underwriters have agreed to purchase on a bought deal
basis from SinoTech (Hong Kong) Corporation Limited, has been
increased to 8,000,000 common shares to raise gross proceeds of
$43,200,000. Net proceeds from the Treasury Offering are expected
to be used by Canaco to fund ongoing development and exploration
activities on the Company's African mineral properties and for
general corporate and working capital purposes. The Common Shares
to be issued pursuant to the Treasury Offering, and the Common
Shares to be sold pursuant to the Secondary Offering, are expected
to be offered by way of a short form prospectus in the provinces of
British Columbia, Alberta, Saskatchewan, Manitoba, Ontario and New
Brunswick. Closing of the Treasury Offering and the Secondary
Offering is scheduled to occur on or about March 22, 2011 and is
subject to certain conditions including, but not limited to, the
receipt of all necessary regulatory and other approvals including
the approval of the TSX Venture Exchange and the securities
regulatory authorities. The securities offered have not been, and
will not be, registered under the U.S. Securities Act of 1933, as
amended (the "U.S. Securities Act") or any U.S. state securities
laws, and may not be offered or sold in the United States or to, or
for the account or benefit of, United States persons absent
registration or any applicable exemption from the registration
requirements of the U.S. Securities Act and applicable U.S. state
securities laws. This news release shall not constitute an offer to
sell or the solicitation of an offer to buy securities in the
United States, nor shall there be any sale of these securities in
any jurisdiction in which such offer, solicitation or sale would be
unlawful. About Canaco Canaco is a Vancouver-based mineral
exploration company focused on advanced exploration in Africa.
Built on a foundation of experienced management and focused on
rapidly advancing exploration projects in Tanzania and throughout
Africa, Canaco believes it is well positioned to build shareholder
value through discovery and resource development. Canaco's shares
trade on the TSX Venture Exchange under the symbol CAN. On behalf
of the Board of Directors, Andrew Lee Smith, P.Geo President, CEO
and Director Cautionary Statement Regarding Forward-Looking
Information This news release contains "forward-looking
information" within the meaning of applicable Canadian securities
legislation. Generally, forward-looking information can be
identified by the use of forward-looking terminology such as
"anticipate", "believe", "plan", "expect", "intend", "estimate",
"forecast", "project", "budget", "schedule", "may", "will",
"could", "might", "should" or variations of such words or similar
words or expressions. Forward-looking information is based on
reasonable assumptions that have been made by the Company as at the
date of such information and is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of the Company to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: risks
associated with mineral exploration and development; metal and
mineral prices; availability of capital; accuracy of the Company's
projections and estimates; interest and exchange rates;
competition; stock price fluctuations; availability of drilling
equipment and access; actual results of current exploration
activities; government regulation; political or economic
developments; environmental risks; insurance risks; capital
expenditures; operating or technical difficulties in connection
with development activities; personnel relations; the speculative
nature of strategic metal exploration and development including the
risks of diminishing quantities of grades of reserves; contests
over title to properties; and changes in project parameters as
plans continue to be refined. Forward-looking statements are based
on assumptions management believes to be reasonable, including but
not limited to the price of gold; the demand for gold; the ability
to carry on exploration and development activities; the timely
receipt of any required approvals; the ability to obtain qualified
personnel, equipment and services in a timely and cost-efficient
manner; the ability to operate in a safe, efficient and effective
manner; and the regulatory framework regarding environmental
matters, and such other assumptions and factors as set out herein.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will
prove to be accurate, as actual results and future events could
differ materially from those anticipated in such information.
Accordingly, readers should not place undue reliance on
forward-looking information. The forward-looking information
contained in this news release is included for the purpose of
providing investors with information to assist them in
understanding the Treasury Offering and the Secondary Offering and
may not be appropriate for other purposes. The Company does not
undertake to update any forward-looking information that is
included herein, except in accordance with applicable securities
laws. NEITHER THE 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 NEWS RELEASE To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/February2011/24/c5771.html
pMeghan Brown, Director Investor Relationsbr/ Telephone:
604-488-0822 or 1-866-488-0822br/ Visit our website: a
href="http://www.canaco.ca"www.canaco.ca/abr/ Email: a
href="mailto:investors@canaco.ca"investors@canaco.ca/a/p
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