Canuc Resources Corporation announced a non-brokered private placement of 8,500,000 units at an issue price of CAD 0.08 for the gross proceeds of CAD 680,000 on January 9, 2023. Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant entitles the holder to purchase one additional common share at CAD 0.25 for a period of two years from the closing of the transaction.

The transaction included participation from an insider for 240,000 units at an issue price of CAD 0.08 for the gross proceeds of CAD 19,400. Each whole warrant has an early exercise provision that allows the company to trigger exercise of the warrant when the 10-day average price of common shares traded on the TSX Venture Exchange exceeds CAD 0.50 per share. Thirty days after the trigger date, any unexercised warrants will be deemed to be null and void.

All securities issued under this transaction will be subject to a hold period expiring four months and one day from the date of closing. The transaction does not result in any new insiders or control persons of the Company, and closing is subject to final approval by the TSX Venture Exchange.