Goldcana closes C$2M private placement for exploration

Goldcana Resources Inc. (CSE:GC) has successfully closed a non-brokered private placement, raising C$2 million through the issuance of 8 million units at C$0.25 per unit. Each unit includes one common share and one-half of a common share purchase warrant, which can be used to purchase one additional common share at C$0.50 for 24 months from the closing date.

The warrants also have an acceleration provision that allows the company to shorten the expiry date if the volume weighted average trading price of common shares reaches C$1.00 for five consecutive trading days. Goldcana plans to use the net proceeds for mineral exploration activities, including the La Sarre Gold Project in Quebec, as well as general working capital and corporate purposes.

The company entered into an option agreement with holders of the La Sarre claims to potentially earn up to a 100% interest in the project.

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