By Devika Patel
Knoxville, Tenn., June 11 - Can-Cal Resources Ltd. said it will conduct a $1 million non-brokered private placement of 12% three-year convertible unsecured debentures.
The debentures are convertible into common stock at $0.25 per share. The company may force conversion at any time if the 15 day volume-weighted average trading price of the shares is at least $0.40.
Settlement is expected June 18.
Proceeds will be used to complete work-up of three potential extraction processes on the Pisgah, Calif., property and the Wikieup, Ariz., property, conduct a drill program the Wikieup, Ariz., property and a comprehensive research and development program on the Owl Canyon, Calif., property, engage an investor relations and shareholder communications group and as strategic working capital reserve.
Can-Cal is a precious metals exploration company based in Las Vegas.
| Issuer: | Can-Cal Resources Ltd.
|
| Issue: | Convertible unsecured debentures
|
| Amount: | $1 million
|
| Maturity: | Three years
|
| Coupon: | 12%
|
| Price: | Par
|
| Yield: | 12%
|
| Conversion price: | $0.25
|
| Call: | If 15 day volume-weighted average trading price is at least $0.40
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 11
|
| Settlement date: | June 18
|
| Stock symbol: | OTCBB: CCRE
|
| Stock price: | $0.07 at close June 11
|
| Market capitalization: | $2.15 million
|
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