White Rock, British Columbia--(Newsfile Corp. - October 16, 2026) - Goldcana Resources Inc. (CSE: GC) (FSE: 2Y9) ("Goldcana" or the "Company") is pleased to announce that it intends to complete a non-brokered flow-through private placement (the "Private Placement") of up to 2,000,000 flow-through common shares (each, a "Flow-Through Share") in the capital of the Company at a price of CAD $0.50 per Flow-Through Share, for aggregate gross proceeds of up to CAD $1,000,000. Each Flow-Through Share will consist of one common share in the capital of the Company (each, a "Common Share").
The gross proceeds of the Private Placement will be used for exploration expenditures on the La Sarre property, as previously announced in the Company's news release dated September 30, 2026.
Goldcana has received the acceptance of the Canadian Securities Exchange (the "CSE") for its option to acquire up to a 100% interest in the La Sarre Gold Project in the Abitibi Greenstone Belt of Québec (the "Project") and has issued 10,000,000 common shares (the "Consideration Shares") to the optionors under the option agreement dated August 29, 2026, as amended (the "Option Agreement"). Under the Option Agreement, Goldcana may earn up to a 100% legal and beneficial interest in the Project. Refer to the news release dated September 30, 2026 and September 2, 2026 for more details.
The Company will incur "Canadian exploration expenses" as defined in subsection 66.1(6) of the Income Tax Act (Canada) and "flow-through critical mineral mining expenditures" as defined in subsection 127(9) of the Income Tax Act (Canada).
The Private Placement is non-brokered; however, the Company may pay finders' fees to eligible arm's length parties consisting of: (i) a cash commission of up to 7% of the gross proceeds raised from subscribers introduced by such finders; and (ii) non-transferable finder's warrants equal to up to 7% of the number of Flow-Through Shares sold to such subscribers, with each finder's warrant exercisable at CAD $0.50 per Common Share for a period of 24 months from the date of issuance.
The securities issued pursuant to the Private Placement are subject to applicable resale restrictions, including a statutory hold period in accordance with applicable securities laws. The Private Placement is subject to final acceptance of the Canadian Securities Exchange.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities described herein have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.
About Goldcana Resources Inc.:
Goldcana Resources Inc. (CSE: GC) is engaged in the identification, acquisition, exploration and development of mineral resource projects.
The Company holds the exclusive option to acquire a 100% interest, subject to net smelter returns royalties ranging from 2% to 3%, in the Triple F Gold Project, which consists of eight mineral claims covering approximately 851 acres located in the Nicola and Vernon Mining Divisions, British Columbia approximately 28 kilometres northwest of Kelowna.
About the La Sarre Gold Project:
The La Sarre Gold Project is a district-scale mineral exploration property located in the western Abitibi Greenstone Belt of Québec. The Project comprises approximately 48,615 hectares across 866 Exclusive Exploration Rights and benefits from year-round access through Highway 111, nearby communities, hydroelectric power and proximity to established mining-service centres including Rouyn-Noranda and Val-d'Or.
On Behalf of Goldcana Resources Inc.
Clive Brookes
President and Chief Executive Officer T: 604-630-9794
E: info@goldcana.com
Forward-looking Information
Certain statements in this news release are forward-looking statements, including with respect to future plans, and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Such information can generally be identified by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. The reader is cautioned that assumptions used in the preparation of any forward-looking information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, as a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of the Company, including but not limited to, business, economic and capital market conditions, the ability to manage operating expenses, and dependence on key personnel. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, anticipated costs, and the ability to achieve goals. Factors that could cause the actual results to differ materially from those in forward-looking statements include, the continued availability of capital and financing, litigation, failure of counterparties to perform their contractual obligations, loss of key employees and consultants, and general economic, market or business conditions. Forward-looking statements contained in this news release are expressly qualified by this cautionary statement. The reader is cautioned not to place undue reliance on any forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the CSE nor its Market Regulator (as that term is defined in CSE policies) accepts responsibility for the adequacy or accuracy of this news release.
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