The private placement consists of 185,000 common shares at $1.38 per common share, the October 12, 2007 closing price, for total proceeds of $255,300. These securities will be subject to a four-month hold. Net proceeds from the private placement will be added to working capital and used primarily to fund the work programs on the company's development and exploration blocks in northeast India.
The private placement is subject to TSX Venture Exchange and other regulatory approvals.
Canoro also announces that effective Friday, October 12, 2007, it granted an aggregate of 1.1 million options to purchase common shares for a five year term under the company's Stock Option Plan to its directors, executive officers, employees and consultants at an exercise price of $1.38 per share, subject to regulatory approval. The options will vest over three years. The grant of options is consistent with the objective of providing long term incentives to directors, executive officers, employees and consultants of the Company, and continuing to align their interests with that of shareholders of the Company.
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