CALGARY, ALBERTA--(Marketwire - June 13, 2012) - CanAsia Financial Inc. ("CanAsia" or the "Company") (TSX VENTURE:CNA) announces that it plans to complete a non-brokered private placement of up to 10,000,000 units (the "Units") of CanAsia at a price of $0.11 per Unit for aggregate gross proceeds of up to $1,100,000 (the "Offering"). The Units will be comprised of one (1) common share ("Common Share") of CanAsia and one-half (1/2) of a share purchase warrant ("Warrant") of CanAsia. Each whole Warrant entitles the holder thereof to purchase one Common Share for $0.20 per share expiring 24 months from the date of the closing of the Offering.
CanAsia may pay a commission or finder's fee to qualified non-related parties of up to 8% of the gross proceeds of the Offering and broker warrants (the "Broker Warrants") equal to up to 8% of the number of Units sold in the Offering. Each Broker Warrant will entitle the holder to acquire one Common Share at a price of $0.11 per Broker Warrant for a period of 12 months from the date of issuance. Any commission or finder's fee paid or Broker Warrants issued will be in accordance with applicable securities laws and the policies of the TSX Venture Exchange Inc. (the "TSXV").
The proceeds of the Offering will be used for general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSXV. The securities issued will be subject to a four month hold period from the date of the closing of the Offering.
CanAsia is an Alberta registered company listed on the TSXV. It engages in the business of original design, manufacture and distribution of Hyundai brand mobile phones for the Philippines and components of mobile camera modules to leading mobile phone and computer makers in China. CanAsia has offices in Canada, Hong Kong, China and the Philippines. (www.canasiafinancial.com)
This news release may contain certain forward-looking information and statements, including without limitation, statements pertaining to the closing of the offering 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.
The TSX Venture Exchange Inc. nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) does not accept responsibility for the adequacy or the accuracy of this release.