Deal funds extraction processes, drill program, research, development
By Devika Patel
Knoxville, Tenn., Dec. 13 - Can-Cal Resources Ltd. said it replaced a June 11 $1 million non-brokered private placement of 12% three-year convertible unsecured debentures with a non-brokered private placement of units. The new deal will raise $500,000.
The company will sell 8,333,333 units of one common share and one warrant at $0.06 per unit.
Each warrant will be exercisable at $0.08, a 33.33% premium to the Dec. 10 closing share price of $0.06, until June 30, 2012.
Proceeds will be used to complete workup of two potential extraction processes on the Pisgah, Calif., property and the Wikieup, Ariz., property, to conduct a drill program on the Wikieup, Ariz., property and a comprehensive research and development program on the Owl Canyon, Calif., property, to engage an investor relations and shareholder communications group and to provide a strategic working capital reserve.
Can-Cal is a precious metals exploration company based in Las Vegas.
| Issuer: | Can-Cal Resources Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | $500,000
|
| Units: | 8,333,333
|
| Price: | $0.06
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | June 30, 2012
|
| Warrant strike price: | $0.08
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 13
|
| Stock symbol: | OTCBB: CCRE
|
| Stock price: | $0.06 at close Dec. 10
|
| Market capitalization: | $1.78 million
|
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