Toronto, Ontario--(Newsfile Corp. - November 24, 2016) - Canuc Resources Corporation (TSXV: CDA) ("Canuc" or the "Company") is pleased to announce that the Company has received conditional approval from the TSX Venture Exchange (the "TSXV") for the reverse takeover transaction previously announced on August 29, 2016 (the "Transaction"). The Transaction involves the combination of Canuc and Santa Rosa Silver Mining Corp. ("Santa Rosa") by way of an amalgamation of Santa Rosa and a wholly-owned subsidiary of Canuc, to form one company as a wholly-owned subsidiary of Canuc. Completion of the Transaction and the listing of the combined entity remains subject to a number of conditions including those imposed by the TSXV, which include receipt by the TSXV of satisfactory final documentation in respect of the Transaction, completion of a concurrent equity financing for minimum gross proceeds of $1.3 million and receipt by the Company of the written consent of the holders of more than 50% of the issued and outstanding common shares of the Company held by disinterested shareholders.
Canuc has filed on SEDAR the filing statement dated November 24, 2016 (the "Filing Statement"). Investors are encouraged to review the Filing Statement on Canuc's profile at www.sedar.com, which provides detailed information about, among other things, the reverse takeover transaction and the resulting issuer. Canuc intends to maintain the trading halt which resulted from the announcement of the Transaction until the Transaction is complete pursuant to the rules of the TSXV.
Appointment of New Chief Financial Officer
Canuc is also pleased to announce the appointment, subject to TSXV approval, of Julio DiGirolamo as Chief Financial Officer effective as of November 29, 2016. Mr. DiGirolamo replaces Robert Lelovic, who will resign from his positions as director and Chief Financial Officer effective as of November 29, 2016. Canuc would like to thank Mr. Lelovic for his hard work, dedication and contributions during his tenure at the Company and wishes him all the best in his future ventures.
Mr. DiGirolamo is a Chartered Accountant with over 21 years of senior-level public company experience including, most-recently, four and a half years as CFO for Carlisle Goldfields Limited, a TSX-listed gold exploration company with projects located in northern Manitoba, Canada. Over his career, Mr. DiGirolamo has served on the boards of various public and non-profit organizations.
About Santa Rosa
Santa Rosa through Minera Stramin S. de R.L. de C.V., its 99.97% owned subsidiary, holds or is entitled to acquire contiguous mineral concessions located in the State of Sonora, Mexico. Some of the claims cover mine workings and were subject of historical artisanal mining operations primarily for silver.
About Canuc
Canuc 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.
