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Junior corporate roundup: Canasil, Cancana, Wealth, Bacanora

Bnamericas Published: Friday, June 24, 2016
Junior corporate roundup: Canasil, Cancana, Wealth, Bacanora

Vancouver's Canasil Resources closed the first tranche of a non-brokered private placement of units for proceeds of Cdn$488,000 (US$376,892), the company said in a press release.

The proceeds will be used for exploration at its mineral properties and working capital. The balance of the placement is expected to close by June 29. Cansail has properties in Mexico and Canada.

***

Vancouver-based Cancana Resources renegotiated the interest rate and extended the US$2mn loan from its largest shareholder and JV partner in the BMC manganese project in Brazil, Ferrometals BV, which was due June 30.

The new repayment date is November 30, while the interest rate for the extended period will be zero. To date the company has drawn down US$750,000 of the US$2mn available, a statement said.

***

Chile-focused Wealth Minerals executed a letter of intent to acquire an option to a 100% interest in the Salar 1 and 2 exploration concessions in the Aguas Calientes salt flats in Antofagasta region (II).

Wealth can acquire the properties by issuing 1mn shares to the vendor in various stages, according to a release.

***

Mexico-focused Bacanora Minerals plans to change its governing corporate jurisdiction from Canada to the UK, given its AIM listing and the "positive reception" from UK investors, as well as to reflect the fact that its senior management is based in Britain, the company said in a statement.

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