Canuc Resources Corporation announced a non-brokered private placement of 11,250,000 units at a price of CAD 0.08 per unit for gross proceeds of CAD 900,000 on March 16, 2023. Each unit consists of one common share and one-half common share purchase warrant. Each warrant can be exercised to acquire one common share at a price of CAD 0.25 per share for a period of two years from the closing of the transaction.

The transaction included participation from insider for 25,000 units at an issue price of CAD 0.08 for the gross proceeds of CAD 20,000. 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.