VANCOUVER, June 13, 2011 /CNW/ - Calico Resources Corp. (TSX-V: CKB)
(the "Company" or "Calico") is pleased to announce the closing of its
non-brokered private placement announced on May 24, 2011. The Company
issued 2,625,000 units at a price of $0.50 per unit. The total
proceeds raised in this placement amount to $1,312,500. FCMI Parent
Co. ("FCMI") was among those participating in the private placement and
subscribed for 1,000,000 units. FCMI is a private corporation based in
Toronto, controlled by Albert D. Friedberg and members of his family.
Each unit (a "Unit") consists of one common share and one-half of one
share purchase warrant. Each full warrant ("Warrant") is exercisable
into one additional common share at a price of $0.60 per share for a
period of two years, expiring June 8, 2013.
The Company has paid a cash finder's fee of $15,000 in connection with
the private placement to certain parties who were instrumental in
introducing investors to the Company.
All securities issued by the Company in connection with the private
placement are subject to a statutory hold period and may not be traded
until October 9, 2011.
The net proceeds will be used for exploration, environmental,
engineering, other expenses associated with the Company's Grassy
Mountain Project (Project) and for general working capital. The
Project is optioned from Seabridge Gold Inc. and is located in Malheur
County, Oregon. The Project has NI 43-101 compliant Indicated
resources of 924,000 ounces of gold averaging 1.54 gram per ton at a
0.55 gram per ton cutoff.
On behalf of the Board,
William S. Wagener
President and CEO
This document contains "forward-looking statements" within the meaning
of applicable Canadian securities regulations. All statements other
than statements of historical fact herein, including, without
limitation, statements regarding exploration plans and other future
plans and objectives, are forward-looking statements that involve
various risks and uncertainties. There can be no assurance that such
statements will prove to be accurate and future events and actual
results could differ materially from those anticipated in such
statements. Important factors that could cause actual results to
differ materially from our expectations are disclosed in the Company's
documents filed from time to time via SEDAR with the Canadian
regulatory agencies to whose policies we are bound.
"Neither 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 release."
SOURCE CALICO RESOURCES CORPORATION
For further information:
Terri Anne Welyki - Vice-President of Corporate Development - 604-681-6855.