/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES./
TSX-V: CLZ
www.canasil.com
VANCOUVER, Feb. 23, 2018 /CNW/ - Canasil Resources Inc.
("Canasil", TSX-V: CLZ, DB Frankfurt: 3CC) announces
that the Company has applied to the TSX Venture Exchange to reduce
the exercise price of warrants ("original warrants") expiring on
June 21 and 29, 2018, from
$0.50 to $0.16 as an incentive for exercise over a limited
period until March 23, 2018. Any
warrants exercised will receive one common share of the Company and
one non-transferable replacement share purchase warrant
("replacement warrant"). Each replacement warrant will entitle the
holder to purchase one common share of the Company at a price of
$0.25 until February 28, 2020. If the closing price of the
Company's shares exceeds $0.33 per
share for a period of 10 consecutive trading days (the "Premium
Trading Days"), the replacement warrants will be subject to an
accelerated expiry date of 30 days, such 30 day period to commence
within seven calendar days after the tenth Premium Trading Day.
The price and expiry date of any original warrants which are
not exercised under the above terms will remain unchanged.
The original warrants were issued in connection with a private
placement of 8,000,000 Units at $0.32
which closed on June 21 and 29, 2016.
Each unit consisted of one common share of the Company and one-half
of one non-transferable share purchase warrant. Each whole warrant
entitled the purchase of one common share of the Company at a price
of $0.50 within two years with
original expiry dates of June 21 and
29, 2018. The amended incentive warrant exercise price and terms
are subject to acceptance by the TSX Venture Exchange.
About Canasil:
Canasil is a Canadian mineral exploration company with a strong
portfolio of 100% owned silver-gold-copper-lead-zinc exploration
projects in Durango and Zacatecas States, Mexico, and in British Columbia, Canada. The Company's
directors and management include industry professionals with a
track record of identifying and advancing successful mineral
exploration projects through to discovery and further development.
The Company is actively engaged in the exploration of its mineral
properties, and maintains an operating subsidiary in Durango, Mexico, with full time geological and
support staff for its operations in Mexico.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale
of any of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933 (the
"1933 Act") or any state securities laws and may not be offered or
sold within the United States or
to, or for account or benefit of, U.S. Persons (as
defined in Regulation S under the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws,
or an exemption from such registration requirements
is available.
SOURCE Canasil Resources Inc.
