CALGARY, ALBERTA--(Marketwired - Aug 30, 2013) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces that it plans to complete a non-brokered private placement of up to 20,000,000 common shares of CanAsia (the "Common Shares") at a price of $0.025 per share for aggregate gross proceeds of up to $500,000 (the "Share Offering").
The Company also announces that it plans to complete a non-brokered private placement of up to 15,000,000 units of CanAsia (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $750,000 (the "Unit Offering"). The Units will be comprised of one (1) non-voting series C preferred share of CanAsia ("Preferred Share") and one-half (1/2) of one share purchase warrant of CanAsia ("Warrant"). Each Preferred Share will have a hold period of six (6) months and entitles the holder thereof to one Common Share at no additional cost to the holder for a period of five (5) years from the date of issuance. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.20 per share expiring five (5) years from the date of issuance.
The proceeds of the Share Offering will be used for outstanding payables. The proceeds of the Unit Offering will be used to explore new business opportunities. Completion of the Share Offering and Unit Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The securities issued will be subject to a four month hold period from the date of issuance pursuant to securities legislation.
CanAsia is Alberta based company listed on the TSX Venture Exchange. It is engaged in the business of developing unique new business opportunities in the Pacific Rim countries. The Company is located in Calgary, Alberta of Canada.
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the closing of the offerings including the Company's ability to obtain necessary approvals from the TSX Venture Exchange. Statements containing the words: 'believes', 'intends', 'expects', 'plans', 'seeks' and 'anticipates' and any other words of similar meaning are forward-looking. All statements included herein involve various risks and uncertainties because they relate to future events and circumstances beyond the Company's control. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in CanAsia's disclosure documents on the SEDAR website at www.sedar.com. Any forward-looking statements are made as of the date of this press release and CanAsia does not undertake to update any forward-looking information except in accordance with applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
James G. Louie
Chief Executive Officer