Canasil Negotiates $450,000
Non-brokered Private Placement
Vancouver, December 11, 2007 -
Canasil Resources Inc. (Canasil, TSX-V: CLZ)
announces that the Company has negotiated a non-brokered private placement of
1,500,000 units at an exercise price of $0.30 per unit for total proceeds of
$450,000. A commission or finder's fee may be paid with respect to this
placement. The terms of the placement are subject to acceptance by the TSX
Venture Exchange ("the Exchange").
Each unit will consist of one common share of the Company and one-half
of one share purchase warrant (a "Warrant"); each full Warrant will
entitle the holder to purchase one common share of the Company at a price of
$0.45 within one year of closing. If, beginning six months following the
closing of the private placement, the closing price of the Company's shares
equals or exceeds $0.75 per share for a period of ten consecutive trading
days, the Company will have the right to accelerate the expiry date of the
Warrants by giving the Warrant-holders at least 30 days' written notice.
The proceeds of the private placement will be used for continuing
exploration programs on the Company's mineral exploration projects and for
working capital.
About Canasil:
Canasil is a Canadian mineral exploration company with interests in
precious and base metal properties in British Columbia, Canada, and in
Durango, Sinaloa and Zacatecas States, Mexico. The Company's directors and
management include industry professionals with a consistent track record of
identifying and advancing successful mineral exploration projects. The
Company is actively engaged in the exploration of mineral properties and
evaluating additional acquisition opportunities.
For further information please contact:
Bahman Yamini
President and C.E.O.
Canasil Resources Inc.
Tel: (604) 709-0109
www.canasil.com
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Corporate Communications
Vancouver: Doug Kerr
(604) 718-5454
Email: dkerr@canasil.com
Calgary: Garth McTavish
Tel: (403) 618-7327
Email: garthmctavish@shaw.ca
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Toronto:
Tracy Weslosky or Fred Cowans
Pro-Edge Consultants Inc.
Tel: (416) 581-0177
Toll Free: (866) 544-9622
Email: fred@pro-edge.com
tracy@pro-edge.com
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The TSX Venture Exchange has not reviewed and does not
accept responsibility
for the adequacy or accuracy of the
content of this news release.
This news release
contains certain statements that may be deemed "forward-looking
statements". All statements in this release, other than statements
of historical fact, that address future production, reserve potential,
exploration drilling, exploitation activities and events or developments
that the Company expects to occur, are forward looking statements.
Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in the forward-looking statements. Investors are
cautioned that any such statements are not guarantees of future performance.
Forward-looking statements are based on the beliefs, estimates and opinions
of the Company's management on the date the statements are made.
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