Cannon Point Resources Ltd. Announces $5,025,000 Private Placement

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TSX Venture Exchange Symbol - CNP

VANCOUVER, Nov. 29 /CNW/ - Cannon Point Resources Ltd.  (the "Company") is pleased to announce a non-brokered private placement of 33,500,000 units at a price of $0.15 per unit to raise gross proceeds of $5,025,000 to be used for general working capital and for continuing to research opportunities in the natural resources sector.

Each Unit will consist of one common share and one full common share purchase warrant.  Each share purchase warrant is exercisable at $0.20 for a period of five years from the date of closing. 

The private placement is subject to the approval of the TSX Venture Exchange.

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 NEWS RELEASE

For further information:

Gordon Keep
Chief Executive Officer and Director
604-609-6110