Canuc Resources Corporation announces the closing of a non-brokered Private Placement for gross proceeds of $850,000.

The net proceeds from the Offering will be used to advance exploration on the Company’s current projects ($300,000), for generation of new projects ($400,000), marketing of projects to funding partners ($150,000) and the remainder for general corporate purposes.

Mr Tom Ogryzlo, interim CEO, said in a statement that “This is a very important step in the future of the Company. It can pave the way for the Company to produce in the order of 3 million lbs of equivalent copper annually thereby generating cash flow to enable future growth.”

The Company has agreed to sell $475.0 million aggregate principal amount of 7.250% Senior Notes due 2028.

“With two new mines coming into production in Nunavut, 2019 was a pivotal year for the Company. We set new records for both annual gold production and cash provided by operating activities. Despite setting these production and cash flow records, the production ramp up in Nunavut has been slower than expected, which has resulted in higher than anticipated costs in the fourth quarter of 2019 and slight revisions to our 2020 production guidance,” said Sean Boyd, Agnico Eagle’s Chief Executive Officer. “

The proceeds from the Private Placement are expected to be used by the Company for general working capital and corporate purposes. All securities issued will be subject to a four month hold period, in addition to such other restrictions as may apply under applicable securities laws of jurisdictions outside of Canada.

“In 2019 we began a journey to reposition the company for long-term success and sustainable shareholder value creation and we are encouraged by the progress we made as we have delivered on all our key commitments that position the Company for the future.” stated Renaud Adams, CEO.

This is the final major step in the acquisition phase of the Company’s plans for the Santo Tomas Project. The Company is now positioned to move into the historical resource confirmation and expansion phase as it works to progress the Santo Tomas deposit to an NI 43-101 compliant resource.

Camrova Resources Inc. announced today that it has changed its auditors from PricewaterhouseCoopers LLP to Wasserman Ramsay effective February 12, 2020.