Goldcana closes C$2M private placement for exploration

White Rock, British Columbia - Goldcana Resources Inc. (CSE:GC) recently concluded a non-brokered private placement, securing C$2 million in funding. This was accomplished by issuing 8 million units, each comprising one common share and a half-share purchase warrant. The warrants grant holders the right to acquire one additional common share at C$0.50 within 24 months of the closing date.

If the company's common shares' volume-weighted average trading price on the Canadian Securities Exchange reaches or surpasses C$1.00 for five consecutive days, the warrants' expiry date can be shortened to the 15th trading day subsequent to a news release, provided the holder exercises prior. Goldcana plans to utilize the net proceeds to fund mineral exploration efforts, particularly the La Sarre Gold Project, as well as allocate funds to working capital and corporate needs.

The company recently signed an option agreement with La Sarre claim holders, offering them the potential to acquire up to a 100% stake in the project. Goldcana paid finder's fees amounting to C$76,482 and issued 305,928 finder's warrants to eligible finders, which can be exchanged for one common share at C$0.50 each until September 25, 2028.

These securities are subject to resale restrictions, including a statutory hold period. Notably, no company insiders took part in the offering. The La Sarre Gold Project is situated within the western Abitibi Greenstone Belt of Quebec, covering 48,615 hectares across 866 Exclusive Exploration Rights. The area encompasses over 50 kilometers of greenstone geology and multiple structural corridors. This private placement offering is subject to final acceptance by the Canadian Securities Exchange.