Toronto, Ontario--(Newsfile Corp. - November 5, 2015) - Canuc Resources Corp. (TSXV: CDA) ("Canuc" or the "Company") is pleased to announce the closing of a non-brokered private placement totaling $160,000 through the sale of 3,200,000 units. Each unit is comprised of a share priced at $0.05 and a warrant priced at $0.10, with warrants having a term of 2 years. The offering was fully subscribed and no commissions or finders fees have been paid in connection with this offering.
The financing was undertaken to provide the Company with working capital and to ensure the Company's ability to meet cash calls on future development of our oil and gas leases in West Texas. At the same time, funds available will position the Company to seek attractive opportunities in the junior mining and petroleum sectors. With a positive cash flow generated from activities in Texas, Canuc management is now able to focus on seeking attractively priced opportunities in the junior resource sector.
About Canuc
Canuc Resources Corporation is a junior resources company engaged in the exploration and development of mineral properties in North and South America. In addition, the company is active in the development of a natural gas field in Central West Texas where it has an interest in seven producing gas wells. These wells generate a sustainable cash-flow with the potential to increase income by the drilling and completion of additional wells.
For Further Information:
Hub Mockler, Chairman & CEO
416-867-1300
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Forward-Looking Statements: This news release contains forward-looking statements that include risks and uncertainties. When used in this news release, the words "estimate", "project", "anticipate", "expect", "intend", "believe", "hope", "may" and similar expressions, as well as "will", "shall" and other indications of future tense, are intended to identify forward-looking statements. The forward-looking statements are based on current expectations and apply only as of the date on which they were made. The factors that could cause actual results to differ materially from those indicated in such forward-looking statements include changes in the prevailing price of gold, the prevailing price of natural gas, the Canadian-United States exchange rate, amount of gas produced that could affect revenues and production costs. Other factors such as uncertainties regarding government regulations could also affect the results. Other risks may be set out in the Company's annual financial statements and MD&A.
