Canasil Resources Inc CLZ
Shares issued 7,724,878 1999-06-01 close $0.43
Wednesday Jun 2 1999
Mr. Richard Barclay reports:
As president and chief executive officer of Canasil Resources, I am pleased to announce the company's $750,000 private placement is fully subscribed. On closing, the company will issue a total of three million special warrants in the capital stock of the company at 25 cents per special warrant, to net the treasury a total of $750,000. The private placement special warrants are exercisable on the basis of one common share for each special warrant on the receipt by the British Columbia Securities Commission of an Annual Information Form for the company, or 12 months from the date of issue, whichever comes first.
The new corporate mandate of Canasil Resources is to be a profitable mineral producer that will focus on financially robust projects in hospitable, resource-friendly environments. My recent experience of building Eldorado Gold Corporation into an intermediate gold producer has proven to me that focusing corporate energies is mandatory for success. To this end, my 1999 plans for Canasil include a systematic search for an advanced stage mineral project that can transform the company from an explorer to a profitable producer. The present downturn in gold and other metal prices has created a very exciting and unique opportunity to buy established mineral resources at historically low values.
Over the last three decades, I have built an excellent network of professional associates and contacts throughout the mineral industry. My demonstrated ability to build a winning team will maximize the hard won lessons of past endeavours and I plan to work diligently with my team to create a new successful producer. To accomplish this new corporate mandate at Canasil Resources, some of my past associates have joined the company in various capacities.
These associates include Gary Nordin, Peter Steen, Richard (Dick) Gilbert, Iain MacPhail and George Norman. As a director, Mr. Nordin will assist with the selection of the appropriate initial mineral project. Mr. Steen will be advising on both project selection and operations matters. Mr. Gilbert will advise on corporate finance issues and Mr. MacPhail, CA, has been appointed vice-president finance. Mr. Norman is a director, geological consultant and executive assistant to the president. Paul Weishaupt and Bahman Yamini have agreed to continue as directors and Graham Scott has been reappointed as corporate secretary. Our team hopes to reward all Canasil shareholders by increasing shareholder value through the building of a new profitable and vibrant mining company. |
