Cancana Resources Announces Non-Brokered Private Placement Financing
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 23, 2015) - Cancana Resources Corp. (TSX VENTURE:CNY) (the "Company" or "Cancana") announces that it intends to complete a non-brokered private placement of up to 2,631,579 common shares ("Shares") at a price of $0.19 per share for gross proceeds of up to $500,000. Proceeds from the sale of the Non-Brokered Financing shall be used for general working capital purposes.
Any securities sold in connection with the financing are subject to a hold period of four months and one day under Canadian securities laws and none of them may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended.
On behalf of the Board of Directors of Cancana Resources Corp.
Anthony Julien, CEO
ABOUT CANCANA
Cancana Resources Corp. is a TSX Venture-listed production and exploration company based in Vancouver, BC, Canada. The Company's primary focus is its 23.87% interest in a joint venture with Ferrometals BV (a subsidiary of The Sentient Group, one of the world's largest natural resource focused private equity groups) on a manganese mine in Brazil. The joint venture, called Brazil Manganese Corp. ("BMC"), is currently producing high-grade manganese to supply Brazil's growing fertilizer market. Further information can be found on the Company's website: www.cancanacorp.com.
FORWARD-LOOKING STATEMENTS
Some statements in this news release contain forward-looking information or forward-looking statements for the purposes of applicable securities laws. These statements include, among others, statements with respect to the Company's plans for exploration and development of the Brazil properties and potential mineralization. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such risk factors include, among others, failure to obtain regulatory approvals, failure to complete anticipated transactions, the timing and success of future exploration and development activities, exploration and development risks, title matters, inability to obtain any required third party consents, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices and one-time events. In making the forward-looking statements, the Company has applied several material assumptions including, but not limited to, the assumptions that: (1) the proposed exploration and development of mineral projects will proceed as planned; (2) market fundamentals will result in sustained metals and minerals prices and (3) any additional financing needed will be available on reasonable terms. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
Contact
Cancana Resources Corp.
Dylan Berg
VP Corporate Development
604-681-0405
dberg@cancanacorp.com
www.cancanacorp.com
