Goldcana closes C$1 million flow-through private placement

Goldcana Resources Inc. (GC) successfully closed a non-brokered private placement of 2 million flow-through common shares at C$0.50 per share, raising gross proceeds of C$1 million. The shares are subject to a hold period until February 24, 2027, and will be used for exploration expenditures on Goldcana's La Sarre property in Québec.

The funds raised will qualify as Canadian exploration expenses and flow-through critical mineral mining expenditures under the Income Tax Act (Canada). In addition, Goldcana paid C$70,000 in finder's fees and issued 140,000 non-transferable finder's warrants to eligible arm's length finders. The La Sarre Gold Project is located in the western Abitibi Greenstone Belt and comprises approximately 48,615 hectares across 866 Exclusive Exploration Rights.

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